Amalgamated Bank Sells 7,213 Shares of Medtronic plc (NYSE:MDT)

Amalgamated Bank reduced its position in shares of Medtronic plc (NYSE:MDT) by 2.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 268,456 shares of the medical technology company’s stock after selling 7,213 shares during the period. Amalgamated Bank’s holdings in Medtronic were worth $21,130,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the company. Tredje AP fonden lifted its position in shares of Medtronic by 3.2% during the second quarter. Tredje AP fonden now owns 321,282 shares of the medical technology company’s stock valued at $25,288,000 after purchasing an additional 10,000 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. raised its position in Medtronic by 12.3% in the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 170,718 shares of the medical technology company’s stock worth $13,437,000 after acquiring an additional 18,754 shares during the period. Argent Trust Co raised its position in Medtronic by 8.1% in the second quarter. Argent Trust Co now owns 55,429 shares of the medical technology company’s stock worth $4,363,000 after acquiring an additional 4,136 shares during the period. Mercer Global Advisors Inc. ADV raised its position in Medtronic by 0.4% in the second quarter. Mercer Global Advisors Inc. ADV now owns 129,556 shares of the medical technology company’s stock worth $10,433,000 after acquiring an additional 561 shares during the period. Finally, Wealth Alliance raised its position in Medtronic by 6.4% in the second quarter. Wealth Alliance now owns 5,353 shares of the medical technology company’s stock worth $421,000 after acquiring an additional 321 shares during the period. 82.06% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on MDT. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research report on Wednesday, August 21st. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Finally, The Goldman Sachs Group began coverage on shares of Medtronic in a research note on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price for the company. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Medtronic presently has a consensus rating of “Hold” and an average target price of $92.92.

Medtronic Price Performance

Shares of NYSE:MDT opened at $88.63 on Wednesday. The company has a 50 day moving average of $84.10 and a 200 day moving average of $82.87. The stock has a market cap of $113.65 billion, a P/E ratio of 32.23, a P/E/G ratio of 2.57 and a beta of 0.84. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.49. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same period in the previous year, the business posted $1.20 earnings per share. Medtronic’s revenue for the quarter was up 3.4% on a year-over-year basis. As a group, sell-side analysts forecast that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be given a dividend of $0.70 per share. The ex-dividend date is Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.16%. Medtronic’s payout ratio is presently 101.82%.

Medtronic Company Profile

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.