King Luther Capital Management Corp lowered its position in shares of Medtronic PLC (NYSE:MDT) by 2.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 343,733 shares of the medical technology company’s stock after selling 9,520 shares during the quarter. King Luther Capital Management Corp’s holdings in Medtronic were worth $33,813,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Fort L.P. acquired a new stake in shares of Medtronic during the second quarter valued at approximately $121,000. Polaris Greystone Financial Group LLC raised its holdings in shares of Medtronic by 255.1% during the third quarter. Polaris Greystone Financial Group LLC now owns 1,321 shares of the medical technology company’s stock valued at $130,000 after acquiring an additional 949 shares during the period. Hartford Financial Management Inc. acquired a new stake in shares of Medtronic during the second quarter valued at approximately $164,000. Meristem LLP acquired a new stake in shares of Medtronic during the second quarter valued at approximately $200,000. Finally, Aspiriant LLC acquired a new stake in shares of Medtronic during the third quarter valued at approximately $200,000. Institutional investors and hedge funds own 80.44% of the company’s stock.
Medtronic stock opened at $96.49 on Thursday. The company has a market capitalization of $129.59 billion, a price-to-earnings ratio of 20.23, a P/E/G ratio of 2.51 and a beta of 0.96. The company has a current ratio of 2.56, a quick ratio of 2.11 and a debt-to-equity ratio of 0.48. Medtronic PLC has a twelve month low of $76.41 and a twelve month high of $100.15.
Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, November 20th. The medical technology company reported $1.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.15 by $0.07. The firm had revenue of $7.48 billion for the quarter, compared to analyst estimates of $7.35 billion. Medtronic had a net margin of 7.44% and a return on equity of 13.51%. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.07 EPS. Equities research analysts forecast that Medtronic PLC will post 5.13 earnings per share for the current year.
A number of equities research analysts have recently issued reports on the stock. Royal Bank of Canada boosted their price target on shares of Medtronic to $109.00 and gave the company an “outperform” rating in a report on Wednesday, October 3rd. Oppenheimer restated a “buy” rating on shares of Medtronic in a report on Friday, September 21st. Argus boosted their price target on shares of Medtronic from $108.00 to $120.00 and gave the company a “buy” rating in a report on Monday, October 8th. ValuEngine upgraded shares of Medtronic from a “hold” rating to a “buy” rating in a report on Friday, September 7th. Finally, Zacks Investment Research upgraded shares of Medtronic from a “sell” rating to a “hold” rating in a report on Thursday, August 23rd. Seven investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Medtronic presently has a consensus rating of “Buy” and a consensus price target of $104.87.
In other Medtronic news, EVP Geoffrey Martha sold 49,799 shares of the company’s stock in a transaction that occurred on Monday, September 24th. The shares were sold at an average price of $97.93, for a total value of $4,876,816.07. Following the transaction, the executive vice president now owns 87,872 shares in the company, valued at approximately $8,605,304.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.28% of the stock is currently owned by corporate insiders.
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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