OppenheimerFunds Inc. Decreases Holdings in Medtronic PLC (NYSE:MDT)

OppenheimerFunds Inc. lessened its holdings in shares of Medtronic PLC (NYSE:MDT) by 68.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 292,664 shares of the medical technology company’s stock after selling 644,808 shares during the period. OppenheimerFunds Inc.’s holdings in Medtronic were worth $25,055,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Affiance Financial LLC lifted its holdings in shares of Medtronic by 18.6% during the 2nd quarter. Affiance Financial LLC now owns 8,080 shares of the medical technology company’s stock valued at $692,000 after purchasing an additional 1,268 shares during the last quarter. AdvisorNet Financial Inc lifted its holdings in shares of Medtronic by 11.2% during the 2nd quarter. AdvisorNet Financial Inc now owns 39,991 shares of the medical technology company’s stock valued at $3,424,000 after purchasing an additional 4,038 shares during the last quarter. Steward Partners Investment Advisory LLC lifted its holdings in shares of Medtronic by 85.1% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 35,946 shares of the medical technology company’s stock valued at $3,077,000 after purchasing an additional 16,530 shares during the last quarter. Pure Financial Advisors Inc. purchased a new stake in shares of Medtronic during the 2nd quarter valued at $308,000. Finally, Oarsman Capital Inc. lifted its holdings in shares of Medtronic by 4.9% during the 2nd quarter. Oarsman Capital Inc. now owns 23,592 shares of the medical technology company’s stock valued at $2,020,000 after purchasing an additional 1,109 shares during the last quarter. Hedge funds and other institutional investors own 79.90% of the company’s stock.

MDT has been the subject of a number of research analyst reports. ValuEngine upgraded Medtronic from a “hold” rating to a “buy” rating in a research note on Friday, September 7th. Zacks Investment Research lowered Medtronic from a “hold” rating to a “sell” rating in a research note on Tuesday, August 7th. Citigroup raised their target price on Medtronic from $104.00 to $109.00 and gave the stock a “buy” rating in a research note on Friday, August 24th. Sanford C. Bernstein initiated coverage on Medtronic in a research note on Wednesday, June 27th. They issued a “market perform” rating and a $88.00 target price for the company. Finally, SunTrust Banks raised their target price on Medtronic to $110.00 and gave the stock a “buy” rating in a research note on Friday, August 24th. Eight analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $101.50.

In other news, EVP Hooman Hakami sold 26,159 shares of the firm’s stock in a transaction dated Friday, August 31st. The stock was sold at an average price of $96.29, for a total transaction of $2,518,850.11. Following the sale, the executive vice president now directly owns 63,046 shares in the company, valued at approximately $6,070,699.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Geoffrey Martha sold 49,799 shares of the firm’s stock in a transaction dated Monday, September 24th. The shares were 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 in the company, valued at $8,605,304.96. The disclosure for this sale can be found here. Insiders have sold a total of 268,678 shares of company stock worth $25,818,353 over the last 90 days. Insiders own 0.28% of the company’s stock.

NYSE:MDT opened at $95.97 on Tuesday. Medtronic PLC has a 52 week low of $76.41 and a 52 week high of $100.15. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.06 and a current ratio of 2.46. The stock has a market cap of $132.85 billion, a PE ratio of 20.12, a price-to-earnings-growth ratio of 2.61 and a beta of 0.92.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 21st. The medical technology company reported $1.17 EPS for the quarter, beating the Zacks’ 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 firm had revenue of $7.38 billion for the quarter, compared to analysts’ expectations of $7.24 billion. During the same period last year, the firm earned $1.12 EPS. The company’s quarterly revenue was down .1% on a year-over-year basis. As a group, analysts expect that Medtronic PLC will post 5.12 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 19th. Stockholders of record on Friday, September 28th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date of this dividend is Thursday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 41.93%.

Medtronic 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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