Gulf International Bank UK Ltd Cuts Stake in Medtronic plc (NYSE:MDT)

Gulf International Bank UK Ltd lessened its stake in Medtronic plc (NYSE:MDT) by 4.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 103,282 shares of the medical technology company’s stock after selling 4,920 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Medtronic were worth $9,298,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Moloney Securities Asset Management LLC boosted its position in shares of Medtronic by 2.9% during the third quarter. Moloney Securities Asset Management LLC now owns 34,384 shares of the medical technology company’s stock valued at $3,096,000 after buying an additional 958 shares during the last quarter. Catalyst Capital Advisors LLC raised its position in Medtronic by 12.1% in the third quarter. Catalyst Capital Advisors LLC now owns 28,920 shares of the medical technology company’s stock worth $2,604,000 after acquiring an additional 3,120 shares during the period. QRG Capital Management Inc. raised its holdings in Medtronic by 70.9% in the 3rd quarter. QRG Capital Management Inc. now owns 398,065 shares of the medical technology company’s stock worth $35,838,000 after purchasing an additional 165,077 shares during the period. National Pension Service lifted its position in shares of Medtronic by 14.9% during the 3rd quarter. National Pension Service now owns 2,678,032 shares of the medical technology company’s stock valued at $241,103,000 after buying an additional 347,967 shares in the last quarter. Finally, Silicon Valley Capital Partners boosted its position in shares of Medtronic by 0.6% in the third quarter. Silicon Valley Capital Partners now owns 108,010 shares of the medical technology company’s stock worth $9,724,000 after purchasing an additional 653 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on MDT. Stifel Nicolaus boosted their target price on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Oppenheimer lifted their price objective on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. Robert W. Baird upped their price objective on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Citigroup boosted their price target on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. Finally, UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and increased their price objective for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Medtronic currently has an average rating of “Hold” and an average target price of $95.36.

Medtronic Price Performance

Shares of MDT opened at $89.31 on Tuesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The company’s fifty day moving average price is $89.64 and its 200-day moving average price is $84.27. Medtronic plc has a 1-year low of $69.32 and a 1-year high of $92.68. The firm has a market capitalization of $114.54 billion, a PE ratio of 30.17, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period last year, the business posted $1.20 earnings per share. On average, equities research analysts predict that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.14%. Medtronic’s payout ratio is currently 94.59%.

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.