CIBC World Markets Inc. Sells 30,500 Shares of Medtronic PLC (NYSE:MDT)

CIBC World Markets Inc. reduced its holdings in Medtronic PLC (NYSE:MDT) by 7.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 376,172 shares of the medical technology company’s stock after selling 30,500 shares during the quarter. CIBC World Markets Inc.’s holdings in Medtronic were worth $34,262,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Oregon Public Employees Retirement Fund increased its stake in Medtronic by 8,884.4% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 13,286,072 shares of the medical technology company’s stock valued at $146,000 after purchasing an additional 13,138,192 shares in the last quarter. Norges Bank purchased a new position in Medtronic during the fourth quarter worth $1,120,279,000. BlackRock Inc. increased its position in Medtronic by 7.9% during the first quarter. BlackRock Inc. now owns 106,778,084 shares of the medical technology company’s stock worth $9,725,349,000 after buying an additional 7,856,946 shares in the last quarter. American Century Companies Inc. increased its position in Medtronic by 23.0% during the fourth quarter. American Century Companies Inc. now owns 9,746,733 shares of the medical technology company’s stock worth $886,563,000 after buying an additional 1,821,093 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Medtronic by 10.2% during the fourth quarter. Geode Capital Management LLC now owns 16,690,207 shares of the medical technology company’s stock worth $1,515,557,000 after buying an additional 1,538,130 shares in the last quarter. 80.03% of the stock is owned by institutional investors and hedge funds.

Medtronic stock traded up $0.71 during midday trading on Monday, hitting $98.10. The stock had a trading volume of 3,326,900 shares, compared to its average volume of 5,752,695. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.15 and a current ratio of 2.59. The company has a market capitalization of $131.59 billion, a PE ratio of 18.79, a P/E/G ratio of 2.50 and a beta of 0.68. Medtronic PLC has a 12 month low of $81.66 and a 12 month high of $100.15. The business’s fifty day moving average is $94.50.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.54 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.47 by $0.07. The firm had revenue of $8.15 billion during the quarter, compared to analyst estimates of $8.12 billion. Medtronic had a return on equity of 14.16% and a net margin of 15.15%. Medtronic’s quarterly revenue was up .0% on a year-over-year basis. During the same period in the previous year, the company earned $1.42 earnings per share. As a group, equities research analysts forecast that Medtronic PLC will post 5.46 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 25th. Stockholders of record on Monday, July 8th will be issued a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, July 5th. This is a positive change from Medtronic’s previous quarterly dividend of $0.50. This represents a $2.16 annualized dividend and a dividend yield of 2.20%. Medtronic’s dividend payout ratio is 38.31%.

MDT has been the subject of several recent research reports. Wells Fargo & Co dropped their price target on Medtronic from $101.00 to $100.00 and set a “market perform” rating for the company in a research report on Thursday, April 4th. Northland Securities reaffirmed a “hold” rating and issued a $84.00 price objective on shares of Medtronic in a research report on Monday, March 18th. Zacks Investment Research downgraded Medtronic from a “hold” rating to a “sell” rating in a research report on Tuesday, April 30th. UBS Group lifted their price objective on Medtronic to $112.00 and gave the company a “buy” rating in a research report on Friday, June 14th. Finally, Royal Bank of Canada lowered their price objective on Medtronic to $100.00 and set an “outperform” rating for the company in a research report on Tuesday, May 28th. Seven equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Medtronic presently has an average rating of “Buy” and a consensus price target of $105.48.

In other Medtronic news, Director Richard H. Anderson acquired 10,900 shares of Medtronic stock in a transaction dated Friday, May 24th. The stock was acquired at an average cost of $92.40 per share, for a total transaction of $1,007,160.00. Following the completion of the transaction, the director now owns 89,912 shares in the company, valued at approximately $8,307,868.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Carol A. Surface sold 9,000 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $97.66, for a total value of $878,940.00. The disclosure for this sale can be found here. Insiders have sold 81,664 shares of company stock valued at $7,896,623 over the last ninety days. Corporate insiders own 0.28% of the company’s stock.

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.

Further Reading: How are institutional investors different from individual investors?

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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