Mutual of America Capital Management LLC Sells 6,911 Shares of Medtronic plc (NYSE:MDT)

Mutual of America Capital Management LLC decreased its position in shares of Medtronic plc (NYSE:MDT) by 4.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 167,822 shares of the medical technology company’s stock after selling 6,911 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Medtronic were worth $13,209,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Chemung Canal Trust Co. increased its holdings in shares of Medtronic by 1,467.5% during the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock valued at $4,175,000 after acquiring an additional 44,846 shares in the last quarter. Manning & Napier Advisors LLC bought a new stake in shares of Medtronic during the second quarter valued at approximately $25,643,000. TD Asset Management Inc increased its holdings in shares of Medtronic by 4.3% during the fourth quarter. TD Asset Management Inc now owns 1,034,214 shares of the medical technology company’s stock valued at $85,199,000 after acquiring an additional 42,988 shares in the last quarter. SageView Advisory Group LLC increased its holdings in shares of Medtronic by 130.3% during the first quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock valued at $1,467,000 after acquiring an additional 9,523 shares in the last quarter. Finally, Camden National Bank increased its holdings in shares of Medtronic by 98.7% during the fourth quarter. Camden National Bank now owns 120,054 shares of the medical technology company’s stock valued at $9,890,000 after acquiring an additional 59,625 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MDT. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and lifted their target price for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. The Goldman Sachs Group began coverage on Medtronic in a research report on Thursday, May 30th. They set a “sell” rating and a $83.00 target price on the stock. Citigroup cut their target price on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Wells Fargo & Company lifted their target price on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Finally, Robert W. Baird lifted their target price on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Medtronic currently has a consensus rating of “Hold” and a consensus target price of $92.92.

Medtronic Stock Performance

NYSE:MDT opened at $88.63 on Wednesday. The firm has a market cap of $113.65 billion, a price-to-earnings ratio of 32.23, a PEG ratio of 2.57 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The business’s fifty day moving average is $84.10 and its 200 day moving average is $82.87. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $91.49.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same period in the prior year, the business earned $1.20 EPS. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. Research analysts predict that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

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