Sit Investment Associates Inc. Sells 73,140 Shares of Medtronic PLC (MDT)
Sit Investment Associates Inc. reduced its holdings in shares of Medtronic PLC (NYSE:MDT) by 21.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 265,745 shares of the medical technology company’s stock after selling 73,140 shares during the quarter. Sit Investment Associates Inc.’s holdings in Medtronic were worth $20,667,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Parkside Financial Bank & Trust lifted its stake in shares of Medtronic by 22.4% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,146 shares of the medical technology company’s stock valued at $102,000 after buying an additional 210 shares in the last quarter. BDO Wealth Advisors LLC purchased a new stake in Medtronic in the 2nd quarter worth approximately $103,000. Motco lifted its stake in Medtronic by 8.7% in the 2nd quarter. Motco now owns 1,239 shares of the medical technology company’s stock worth $110,000 after purchasing an additional 99 shares in the last quarter. Farmers National Bank purchased a new stake in Medtronic in the 1st quarter worth approximately $121,000. Finally, Israel Discount Bank of New York purchased a new stake in Medtronic in the 1st quarter worth approximately $117,000. Institutional investors own 81.78% of the company’s stock.
Shares of Medtronic PLC (NYSE MDT) traded down $0.86 during trading hours on Friday, hitting $81.27. 5,993,062 shares of the stock were exchanged, compared to its average volume of 4,941,329. The company has a market cap of $111,170.00, a price-to-earnings ratio of 17.77, a price-to-earnings-growth ratio of 2.28 and a beta of 1.00. Medtronic PLC has a 1 year low of $69.35 and a 1 year high of $89.72. The company has a quick ratio of 2.05, a current ratio of 2.40 and a debt-to-equity ratio of 0.50.
Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, November 21st. The medical technology company reported $1.07 EPS for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.08. The firm had revenue of $7.05 billion for the quarter, compared to analyst estimates of $7.05 billion. Medtronic had a net margin of 16.93% and a return on equity of 12.63%. The business’s revenue for the quarter was down 4.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.12 EPS. research analysts forecast that Medtronic PLC will post 4.77 earnings per share for the current fiscal year.
In other news, CEO Omar Ishrak sold 140,407 shares of the stock in a transaction on Friday, September 15th. The shares were sold at an average price of $81.63, for a total value of $11,461,423.41. Following the transaction, the chief executive officer now owns 668,503 shares of the company’s stock, valued at approximately $54,569,899.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Bryan C. Hanson sold 16,000 shares of the stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $79.02, for a total transaction of $1,264,320.00. The disclosure for this sale can be found here. Insiders sold a total of 172,407 shares of company stock worth $13,974,223 in the last three months. Insiders own 0.31% of the company’s stock.
MDT has been the topic of several recent analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $94.00 target price on shares of Medtronic in a research note on Thursday, November 9th. BidaskClub cut shares of Medtronic from a “hold” rating to a “sell” rating in a research note on Saturday, August 26th. Zacks Investment Research cut shares of Medtronic from a “hold” rating to a “sell” rating in a research note on Tuesday, September 12th. SunTrust Banks set a $92.00 target price on shares of Medtronic and gave the stock a “buy” rating in a research note on Sunday, November 19th. Finally, Royal Bank Of Canada lowered their target price on shares of Medtronic from $90.00 to $85.00 and set an “outperform” rating on the stock in a research note on Monday, October 9th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have given a buy rating to the company. Medtronic currently has an average rating of “Hold” and an average price target of $88.02.
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Medtronic Company Profile
Medtronic Public Limited Company (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.
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