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Manning & Napier Group LLC reduced its stake in Medtronic PLC (NYSE: MDT) by 23.2% in the 2nd quarter, according to its most recent release with the institutional investor held 3,597,837 shares in the medical technology company after selling 1,087,108 shares during the period, Medtronic accounting for about 3.0% of the portfolio of Manning & Napier Group LLC, placing the stock in second place. Approximately 0.27% of Medtronic was worth $ 308,010,000 as of the date of its most recent filings with the SEC.
A number of other large investors have also recently changed their position in Stokes Capital Advisors LLC. Stokes Capital Advisors LLC now holds 20,951 shares in the medical technology company valued at $ 1,794,000 after purchasing 1,590 additional shares in the last quarter. Securities Wealth Management lifted its stake in Medtronic by 8.1% in the second quarter. Triangle Securities Wealth Management now holds 10,308 shares of the medical technology company worth $ 882,000 after the purchase of 768 additional shares during the last quarter. Confluence Investment Management LLC lifted its stake in Medtronic by 3.4% in the second quarter. Confluence Investment Management LLC now holds 210,747 shares in the medical technology company worth $ 18,042,000 after the purchase of 7,022 additional shares in the last quarter. Pennsylvania Trust Co increased its stake in Medtronic by 2.6% in the second quarter. Pennsylvania Trust Co now holds 71,526 shares in the medical technology company worth $ 6,123,000 following the purchase of 1,840 additional shares in the last quarter. Finally, Arlington Partners LLC acquired a new stake in Medtronic in the second quarter, worth $ 875,000. Institutional investors hold 80.45% of the shares of the company.
Several research firms weighed on MDT. Sanford C. Bernstein began covering Medtronic shares in a research note on Wednesday, June 27. They issued a "market perform" rating and a $ 88.00 price target for the company. Oppenheimer reaffirmed a "buy" note and set a price target of $ 96.00 on Medtronic shares in a research note on Thursday, May 24. SunTrust banks raised their price target on Medtronic shares to $ 96.00 and awarded the company a "buy" rating in a research note on Monday, May 21st. William Blair began covering Medtronic shares in a research note on Wednesday, June 6th. They established a "market perform" rating for the company. Finally, Morgan Stanley lowered its price target on Medtronic shares from $ 95.00 to $ 90.00 and set an "equal weight" rating for the company in a research note on Thursday, March 29th. An badyst rated the stock with a sales note, eight gave a reserve note and sixteen awarded a purchase grade to the company. Medtronic currently has an average rating of "Buy" and a consensus target price of $ 92.58.
Shares of NYSE MDT rose $ 0.49 at mid-day Friday, reaching $ 88.36. 4,441,836 shares of the company were exchanged for an average volume of 4,250,786. Medtronic PLC has a 12-month low of $ 76.41 and a 12-month high of $ 88.82. The company has a debt ratio of 0.47, a ratio of 2.28 and a ratio of 1.92. The stock has a market capitalization of 117.95 billion, a price / earnings ratio of 18.52, a P / E / G ratio of 2.39 and a beta of 0.95.
Medtronic (NYSE: MDT) last announced its quarterly results on Thursday, May 24. The medical technology company reported earnings per share (EPS) of $ 1.42 for the quarter, surpbading the consensus estimate of $ 1.39 per $ 0.03. Medtronic recorded a net margin of 10.36% and a return on equity of 12.84%. The company achieved a turnover of $ 8.14 billion for the quarter, compared with $ 8 billion for badysts. In the same quarter of the previous year, the company earned $ 1.33 in earnings per share. Medtronic's quarterly revenue increased 2.9% year-over-year. Research badysts expect Medtronic PLC to post earnings per share of 5.11 for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 25. Investors listed on Friday, July 6 will receive a dividend of $ 0.50 per share. The ex-dividend date of this dividend is Thursday, July 5th. This represents an annualized dividend of $ 2.00 and a dividend yield of 2.26%. This is a boost from Medtronic's previous quarterly $ 0.46 dividend. Medtronic's payout rate is currently 41.93%.
In addition, Bradley E. Lerman, Senior Vice President, sold 8,910 shares of the company in connection with an operation dated Monday, June 11. The shares were sold at an average price of $ 86.82, for a total transaction of $ 773,566.20. The sale has been disclosed in a legal deposit with the SEC, which is accessible via this link. In addition, UDC Richard Kuntz sold 11,500 shares of the company in a transaction dated Friday, June 8. The stock was sold at an average price of $ 87.13, for a total transaction of $ 1,001,995.00. The disclosure for this sale can be found here. 0.31% of the stock belongs to insiders.
About Medtronic
Medtronic plc develops, manufactures, distributes and markets device-based medical therapies for hospitals, physicians, clinicians and patients around the world. It operates through four segments: the Cardiac and Vascular Group, the Minimally Invasive Therapy Group, the Restorative Therapy Group and the Diabetes Group
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