Davis R M Inc. reduced its stake in Medtronic PLC (NYSE:MDT) by 0.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 352,937 shares of the medical technology company’s stock after selling 3,200 shares during the quarter. Davis R M Inc.’s holdings in Medtronic were worth $34,718,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of MDT. BlackRock Inc. lifted its position in Medtronic by 2.1% in the 2nd quarter. BlackRock Inc. now owns 97,867,667 shares of the medical technology company’s stock valued at $8,378,448,000 after acquiring an additional 1,966,789 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Medtronic by 11.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 15,717,199 shares of the medical technology company’s stock valued at $1,345,549,000 after acquiring an additional 1,589,932 shares in the last quarter. Artisan Partners Limited Partnership lifted its position in Medtronic by 4.2% in the 2nd quarter. Artisan Partners Limited Partnership now owns 23,443,933 shares of the medical technology company’s stock valued at $2,007,035,000 after acquiring an additional 939,892 shares in the last quarter. Summit Trail Advisors LLC lifted its position in Medtronic by 6,310.1% in the 1st quarter. Summit Trail Advisors LLC now owns 818,827 shares of the medical technology company’s stock valued at $819,000 after acquiring an additional 806,053 shares in the last quarter. Finally, Vontobel Asset Management Inc. lifted its position in Medtronic by 20.3% in the 2nd quarter. Vontobel Asset Management Inc. now owns 4,354,308 shares of the medical technology company’s stock valued at $380,385,000 after acquiring an additional 734,877 shares in the last quarter. 79.90% of the stock is currently owned by institutional investors and hedge funds.

Several research firms recently commented on MDT. Needham & Company LLC raised shares of Medtronic from a “buy” rating to a “strong-buy” rating and boosted their price objective for the company from $103.00 to $119.00 in a research report on Monday, August 13th. Wells Fargo & Co boosted their price objective on shares of Medtronic from $95.00 to $101.00 and gave the company a “market perform” rating in a research report on Wednesday, August 22nd. Stifel Nicolaus boosted their price objective on shares of Medtronic from $87.00 to $96.00 and gave the company a “hold” rating in a research report on Wednesday, August 22nd. Morgan Stanley boosted their price objective on shares of Medtronic from $95.00 to $105.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 22nd. Finally, Argus boosted their price objective on shares of Medtronic from $95.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, August 27th. Eight equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Medtronic presently has an average rating of “Buy” and a consensus target price of $102.08.

In other news, EVP Michael J. Coyle sold 145,544 shares of the business’s stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $95.50, for a total transaction of $13,899,452.00. Following the transaction, the executive vice president now directly owns 190,680 shares in the company, valued at approximately $18,209,940. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Geoffrey Martha sold 49,799 shares of the business’s stock in a transaction dated Monday, September 24th. The stock was sold at an average price of $97.93, for a total transaction of $4,876,816.07. Following the transaction, 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 sold a total of 268,678 shares of company stock worth $25,818,353 over the last quarter. Company insiders own 0.28% of the company’s stock.

Shares of MDT stock opened at $97.29 on Thursday. The company has a current ratio of 2.46, a quick ratio of 2.06 and a debt-to-equity ratio of 0.47. Medtronic PLC has a 1 year low of $76.41 and a 1 year high of $100.15. The firm has a market capitalization of $132.85 billion, a price-to-earnings ratio of 20.40, a price-to-earnings-growth ratio of 2.61 and a beta of 0.92.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, August 21st. The medical technology company reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.06. Medtronic had a net margin of 10.56% and a return on equity of 12.98%. The firm had revenue of $7.38 billion for the quarter, compared to analyst estimates of $7.24 billion. During the same period in the previous year, the business earned $1.12 EPS. The company’s revenue was down .1% compared to the same quarter last year. Research analysts expect that Medtronic PLC will post 5.12 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 19th. Shareholders of record on Friday, September 28th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $2.00 annualized dividend and a yield of 2.06%. Medtronic’s payout ratio is currently 41.93%.

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.

Featured Story: Dividend

Want to see what other hedge funds are holding MDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Medtronic PLC (NYSE:MDT).

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

Receive News & Ratings for Medtronic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Medtronic and related companies with MarketBeat.com's FREE daily email newsletter.