Everence Capital Management Inc. Lowers Stock Position in Medtronic plc (NYSE:MDT)

Everence Capital Management Inc. trimmed its position in Medtronic plc (NYSE:MDT) by 16.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,950 shares of the medical technology company’s stock after selling 8,610 shares during the quarter. Everence Capital Management Inc.’s holdings in Medtronic were worth $3,431,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MDT. Modus Advisors LLC bought a new position in Medtronic in the 4th quarter worth $55,000. Versant Capital Management Inc lifted its position in shares of Medtronic by 15.4% in the fourth quarter. Versant Capital Management Inc now owns 1,788 shares of the medical technology company’s stock valued at $143,000 after acquiring an additional 238 shares in the last quarter. Syntax Research Inc. boosted its stake in shares of Medtronic by 593.6% in the third quarter. Syntax Research Inc. now owns 6,319 shares of the medical technology company’s stock worth $569,000 after acquiring an additional 5,408 shares during the period. Brass Tax Wealth Management Inc. purchased a new stake in shares of Medtronic during the third quarter worth about $227,000. Finally, Copley Financial Group Inc. purchased a new position in Medtronic in the 3rd quarter worth approximately $694,000. Institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MDT. Robert W. Baird cut their price objective on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday, November 20th. JPMorgan Chase & Co. cut their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Barclays boosted their price target on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Sanford C. Bernstein raised their price objective on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. Finally, Evercore ISI boosted their target price on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $95.00.

Medtronic Stock Up 0.2 %

NYSE MDT traded up $0.16 on Friday, reaching $80.38. 1,150,314 shares of the stock traded hands, compared to its average volume of 3,236,978. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $92.68. The company has a market cap of $103.07 billion, a price-to-earnings ratio of 24.58, a PEG ratio of 2.33 and a beta of 0.83. The company has a fifty day moving average price of $85.08 and a 200-day moving average price of $84.85. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. During the same period in the prior year, the firm earned $1.25 earnings per share. The firm’s revenue for the quarter was up 5.2% compared to the same quarter last year. As a group, research analysts forecast that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.48%. The ex-dividend date of this dividend is Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is 85.63%.

About Medtronic

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.