Lord Abbett & CO. LLC Sells 52,255 Shares of Medtronic plc (NYSE:MDT)


Share on StockTwits

Lord Abbett & CO. LLC cut its position in Medtronic plc (NYSE:MDT) by 4.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,187,932 shares of the medical technology company’s stock after selling 52,255 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Medtronic were worth $139,154,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. BlackRock Inc. raised its position in Medtronic by 0.9% in the third quarter. BlackRock Inc. now owns 112,167,184 shares of the medical technology company’s stock valued at $11,656,415,000 after purchasing an additional 957,298 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of Medtronic by 0.5% during the third quarter. Wells Fargo & Company MN now owns 14,986,264 shares of the medical technology company’s stock worth $1,557,374,000 after acquiring an additional 74,368 shares during the last quarter. Morgan Stanley raised its position in shares of Medtronic by 6.8% during the third quarter. Morgan Stanley now owns 10,339,152 shares of the medical technology company’s stock worth $1,074,444,000 after acquiring an additional 659,510 shares during the last quarter. Alliancebernstein L.P. raised its position in shares of Medtronic by 8.4% during the fourth quarter. Alliancebernstein L.P. now owns 9,662,287 shares of the medical technology company’s stock worth $1,131,840,000 after acquiring an additional 746,294 shares during the last quarter. Finally, Sanders Capital LLC raised its position in shares of Medtronic by 1.9% during the third quarter. Sanders Capital LLC now owns 7,666,411 shares of the medical technology company’s stock worth $883,338,000 after acquiring an additional 140,598 shares during the last quarter. Hedge funds and other institutional investors own 79.17% of the company’s stock.

A number of brokerages have recently issued reports on MDT. SVB Leerink raised their price objective on Medtronic from $110.00 to $123.00 and gave the stock a “market perform” rating in a research report on Wednesday, November 25th. Raymond James raised their price objective on Medtronic from $115.00 to $122.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 25th. BTIG Research raised their price objective on Medtronic from $119.00 to $124.00 and gave the stock a “buy” rating in a research report on Wednesday, November 25th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell lifted their target price on Medtronic from $120.00 to $128.00 in a report on Wednesday, November 25th. Finally, Smith Barney Citigroup lifted their target price on Medtronic from $120.00 to $128.00 in a report on Wednesday, November 25th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $120.93.

Shares of NYSE:MDT traded up $3.17 during mid-day trading on Tuesday, hitting $118.92. 46,884 shares of the company traded hands, compared to its average volume of 4,571,249. The stock has a market cap of $160.07 billion, a P/E ratio of 44.18, a P/E/G ratio of 3.65 and a beta of 0.70. The company has a current ratio of 2.16, a quick ratio of 1.79 and a debt-to-equity ratio of 0.52. Medtronic plc has a 12-month low of $72.13 and a 12-month high of $120.53. The stock has a 50-day moving average price of $116.82 and a two-hundred day moving average price of $110.18.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, February 23rd. The medical technology company reported $1.29 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.15 by $0.14. The company had revenue of $7.78 billion for the quarter, compared to analysts’ expectations of $7.77 billion. Medtronic had a return on equity of 9.71% and a net margin of 12.69%. Medtronic’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.44 earnings per share. As a group, analysts expect that Medtronic plc will post 4.21 earnings per share for the current year.

In other Medtronic news, SVP Carol A. Surface sold 15,000 shares of the business’s stock in a transaction on Monday, December 28th. The stock was sold at an average price of $114.90, for a total value of $1,723,500.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Robert John White sold 10,930 shares of the business’s stock in a transaction on Friday, December 18th. The stock was sold at an average price of $115.46, for a total value of $1,261,977.80. Following the completion of the transaction, the executive vice president now directly owns 55,852 shares in the company, valued at approximately $6,448,671.92. The disclosure for this sale can be found here. 0.52% of the stock is currently owned by insiders.

Medtronic Profile

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.

Further Reading: What is the downside to momentum investing?

Want to see what other hedge funds are holding MDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Medtronic plc (NYSE:MDT).

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

Receive News & Ratings for Medtronic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Medtronic and related companies with MarketBeat.com's FREE daily email newsletter.