Bridgeway Capital Management Inc. Lowers Holdings in Medtronic PLC (NYSE:MDT)

Bridgeway Capital Management Inc. decreased its stake in Medtronic PLC (NYSE:MDT) by 2.9% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 320,825 shares of the medical technology company’s stock after selling 9,575 shares during the quarter. Bridgeway Capital Management Inc.’s holdings in Medtronic were worth $29,420,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of MDT. Nordea Investment Management AB boosted its stake in shares of Medtronic by 119.7% in the second quarter. Nordea Investment Management AB now owns 19,803,840 shares of the medical technology company’s stock worth $1,770,662,000 after buying an additional 10,788,699 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Medtronic by 4.1% in the second quarter. BlackRock Inc. now owns 111,209,886 shares of the medical technology company’s stock worth $10,197,948,000 after buying an additional 4,352,426 shares during the last quarter. Alliancebernstein L.P. boosted its stake in shares of Medtronic by 25.2% in the first quarter. Alliancebernstein L.P. now owns 5,966,013 shares of the medical technology company’s stock worth $538,015,000 after buying an additional 1,200,683 shares during the last quarter. APG Asset Management N.V. boosted its stake in shares of Medtronic by 118.0% in the first quarter. APG Asset Management N.V. now owns 2,101,865 shares of the medical technology company’s stock worth $189,546,000 after buying an additional 1,137,886 shares during the last quarter. Finally, Swiss National Bank boosted its stake in shares of Medtronic by 21.8% in the first quarter. Swiss National Bank now owns 5,856,454 shares of the medical technology company’s stock worth $528,135,000 after buying an additional 1,049,500 shares during the last quarter. Hedge funds and other institutional investors own 79.90% of the company’s stock.

Shares of NYSE:MDT traded up $0.60 during midday trading on Tuesday, hitting $107.57. The company had a trading volume of 3,293,366 shares, compared to its average volume of 6,024,534. Medtronic PLC has a twelve month low of $72.13 and a twelve month high of $122.15. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.87 and a quick ratio of 1.53. The stock has a market cap of $143.79 billion, a price-to-earnings ratio of 33.16, a price-to-earnings-growth ratio of 3.41 and a beta of 0.68. The business’s 50-day simple moving average is $101.71 and its 200-day simple moving average is $96.45.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 25th. The medical technology company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.21 by $0.41. Medtronic had a return on equity of 10.47% and a net margin of 15.80%. The firm had revenue of $6.51 billion during the quarter, compared to analysts’ expectations of $5.48 billion. During the same quarter last year, the firm earned $1.26 earnings per share. The business’s revenue for the quarter was down 13.2% on a year-over-year basis. As a group, sell-side analysts forecast that Medtronic PLC will post 3.96 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Shareholders of record on Friday, September 25th will be paid a dividend of $0.58 per share. The ex-dividend date is Thursday, September 24th. This represents a $2.32 annualized dividend and a yield of 2.16%. Medtronic’s dividend payout ratio (DPR) is 50.54%.

A number of analysts have recently commented on the company. Cowen restated a “buy” rating and issued a $110.00 target price on shares of Medtronic in a research note on Tuesday, August 18th. Needham & Company LLC increased their price target on Medtronic from $113.00 to $124.00 and gave the stock a “buy” rating in a research report on Tuesday, August 25th. Zacks Investment Research downgraded Medtronic from a “hold” rating to a “strong sell” rating and set a $84.00 price target on the stock. in a research report on Wednesday, July 29th. CSFB reiterated a “buy” rating and set a $117.00 price target on shares of Medtronic in a research report on Saturday, May 23rd. Finally, Deutsche Bank lowered their price target on Medtronic from $123.00 to $118.00 and set a “buy” rating on the stock in a research report on Friday, May 22nd. Three research analysts have rated the stock with a sell rating, four have given a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $115.75.

In other Medtronic news, EVP Hoedt Rob Ten sold 9,563 shares of the firm’s stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $105.05, for a total transaction of $1,004,593.15. Following the completion of the sale, the executive vice president now owns 53,060 shares of the company’s stock, valued at $5,573,953. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.52% of the stock is owned by company insiders.

About Medtronic

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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