Boston Partners lifted its position in shares of Medtronic PLC (NYSE:MDT) by 13.9% during the first quarter, HoldingsChannel reports. The firm owned 8,405,239 shares of the medical technology company’s stock after acquiring an additional 1,028,238 shares during the quarter. Medtronic makes up about 1.0% of Boston Partners’ portfolio, making the stock its 20th largest holding. Boston Partners’ holdings in Medtronic were worth $765,549,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Tributary Capital Management LLC purchased a new position in shares of Medtronic during the fourth quarter worth about $27,000. Cordasco Financial Network purchased a new position in shares of Medtronic during the first quarter worth about $27,000. Pin Oak Investment Advisors Inc. grew its holdings in shares of Medtronic by 158.0% during the fourth quarter. Pin Oak Investment Advisors Inc. now owns 369 shares of the medical technology company’s stock worth $34,000 after buying an additional 226 shares during the last quarter. Spectrum Management Group Inc. boosted its holdings in Medtronic by 353.8% in the 1st quarter. Spectrum Management Group Inc. now owns 413 shares of the medical technology company’s stock valued at $38,000 after purchasing an additional 322 shares in the last quarter. Finally, Mackey Komara & Dankovich LLC purchased a new stake in Medtronic in the 1st quarter valued at approximately $38,000. Institutional investors and hedge funds own 81.52% of the company’s stock.
A number of equities research analysts have weighed in on the company. Zacks Investment Research lowered Medtronic from a “hold” rating to a “sell” rating in a report on Tuesday, April 30th. Northland Securities reaffirmed a “hold” rating and issued a $84.00 price objective on shares of Medtronic in a report on Monday, March 18th. Barclays reaffirmed a “buy” rating and issued a $104.00 price objective on shares of Medtronic in a report on Wednesday, February 20th. Wells Fargo & Co lowered their price objective on Medtronic from $101.00 to $100.00 and set a “market perform” rating on the stock in a report on Thursday, April 4th. Finally, Citigroup lifted their price objective on Medtronic from $95.00 to $101.00 and gave the company a “neutral” rating in a report on Monday, February 25th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Medtronic presently has an average rating of “Buy” and an average target price of $103.39.
Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 19th. The medical technology company reported $1.29 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.24 by $0.05. The business had revenue of $7.55 billion for the quarter, compared to analyst estimates of $7.53 billion. Medtronic had a return on equity of 13.85% and a net margin of 16.10%. The company’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.17 EPS. Analysts expect that Medtronic PLC will post 5.15 EPS for the current fiscal year.
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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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