Beach Investment Management LLC. Decreases Holdings in Medtronic PLC (MDT)

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Beach Investment Management LLC. cut its stake in shares of Medtronic PLC (NYSE:MDT) by 4.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,920 shares of the medical technology company’s stock after selling 550 shares during the quarter. Medtronic accounts for 2.0% of Beach Investment Management LLC.’s portfolio, making the stock its 23rd largest holding. Beach Investment Management LLC.’s holdings in Medtronic were worth $1,271,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bbva Compass Bancshares Inc. boosted its stake in shares of Medtronic by 0.8% during the 3rd quarter. Bbva Compass Bancshares Inc. now owns 87,111 shares of the medical technology company’s stock worth $8,569,000 after acquiring an additional 715 shares in the last quarter. HL Financial Services LLC boosted its stake in shares of Medtronic by 4.3% during the 3rd quarter. HL Financial Services LLC now owns 21,749 shares of the medical technology company’s stock worth $2,140,000 after acquiring an additional 887 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in shares of Medtronic by 5.0% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 81,467 shares of the medical technology company’s stock worth $8,014,000 after acquiring an additional 3,893 shares in the last quarter. Advisory Services Network LLC boosted its stake in shares of Medtronic by 1.9% during the 3rd quarter. Advisory Services Network LLC now owns 33,436 shares of the medical technology company’s stock worth $3,289,000 after acquiring an additional 634 shares in the last quarter. Finally, Meeder Asset Management Inc. boosted its stake in shares of Medtronic by 72.3% during the 3rd quarter. Meeder Asset Management Inc. now owns 122,633 shares of the medical technology company’s stock worth $12,063,000 after acquiring an additional 51,472 shares in the last quarter. 80.00% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:MDT opened at $92.51 on Wednesday. The company has a quick ratio of 2.06, a current ratio of 2.46 and a debt-to-equity ratio of 0.47. Medtronic PLC has a 1 year low of $76.41 and a 1 year high of $100.15. The firm has a market cap of $123.46 billion, a P/E ratio of 19.39, a PEG ratio of 2.43 and a beta of 0.94.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 21st. The medical technology company reported $1.17 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.11 by $0.06. Medtronic had a return on equity of 12.98% and a net margin of 10.56%. The business had revenue of $7.38 billion during the quarter, compared to analyst estimates of $7.24 billion. During the same period last year, the company earned $1.12 earnings per share. Medtronic’s quarterly revenue was down .1% compared to the same quarter last year. Analysts anticipate that Medtronic PLC will post 5.12 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 19th. Investors of record on Friday, September 28th were issued a dividend of $0.50 per share. The ex-dividend date was Thursday, September 27th. This represents a $2.00 annualized dividend and a dividend yield of 2.16%. Medtronic’s dividend payout ratio is 41.93%.

In other news, Director Richard H. Anderson acquired 2,600 shares of the business’s stock in a transaction that occurred on Thursday, August 23rd. The stock was acquired at an average cost of $95.88 per share, for a total transaction of $249,288.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Geoffrey Martha sold 49,799 shares of the stock in a transaction on Monday, September 24th. The stock was sold at an average price of $97.93, for a total value of $4,876,816.07. Following the sale, the executive vice president now owns 87,872 shares of the company’s stock, valued at $8,605,304.96. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 268,678 shares of company stock valued at $25,818,353. 0.28% of the stock is owned by corporate insiders.

MDT has been the subject of several recent analyst reports. Morgan Stanley raised their target price on Medtronic from $95.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 22nd. Zacks Investment Research cut Medtronic from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. Needham & Company LLC raised Medtronic from a “buy” rating to a “strong-buy” rating and raised their target price for the stock from $103.00 to $119.00 in a research report on Monday, August 13th. Argus raised their target price on Medtronic from $95.00 to $108.00 and gave the stock a “buy” rating in a research report on Monday, August 27th. Finally, Wells Fargo & Co raised their target price on Medtronic from $95.00 to $101.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 22nd. Seven equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Medtronic has a consensus rating of “Buy” and a consensus target price of $102.58.

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Medtronic Company 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.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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