Medtronic PLC (NYSE:MDT) Stake Lessened by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its position in Medtronic PLC (NYSE:MDT) by 0.6% during the 1st quarter, Holdings Channel reports. The firm owned 4,253,538 shares of the medical technology company’s stock after selling 24,349 shares during the period. Principal Financial Group Inc.’s holdings in Medtronic were worth $387,413,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc boosted its holdings in Medtronic by 1.1% in the third quarter. Vanguard Group Inc now owns 109,447,687 shares of the medical technology company’s stock valued at $10,766,369,000 after acquiring an additional 1,199,118 shares in the last quarter. BlackRock Inc. boosted its holdings in Medtronic by 7.9% in the first quarter. BlackRock Inc. now owns 106,778,084 shares of the medical technology company’s stock valued at $9,725,349,000 after acquiring an additional 7,856,946 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Medtronic by 1.3% in the fourth quarter. Bank of New York Mellon Corp now owns 17,225,948 shares of the medical technology company’s stock valued at $1,566,873,000 after acquiring an additional 213,593 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Medtronic by 10.2% in the fourth quarter. Geode Capital Management LLC now owns 16,690,207 shares of the medical technology company’s stock valued at $1,515,557,000 after acquiring an additional 1,538,130 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in Medtronic by 4.3% in the fourth quarter. Northern Trust Corp now owns 16,526,215 shares of the medical technology company’s stock valued at $1,503,225,000 after acquiring an additional 688,537 shares in the last quarter. Hedge funds and other institutional investors own 80.10% of the company’s stock.

Shares of MDT stock opened at $97.50 on Friday. Medtronic PLC has a 12 month low of $81.66 and a 12 month high of $100.15. The firm has a market cap of $130.76 billion, a PE ratio of 18.68, a price-to-earnings-growth ratio of 2.51 and a beta of 0.68. The company has a current ratio of 2.59, a quick ratio of 2.15 and a debt-to-equity ratio of 0.49.

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

Several analysts recently weighed in on MDT shares. Oppenheimer set a $104.00 price target on shares of Medtronic and gave the company a “buy” rating in a report on Wednesday, February 20th. Wells Fargo & Co cut their price target on shares of Medtronic from $101.00 to $100.00 and set a “market perform” rating on the stock in a report on Thursday, April 4th. Citigroup lifted their price target on shares of Medtronic from $95.00 to $101.00 and gave the company a “neutral” rating in a report on Monday, February 25th. Barclays reiterated a “buy” rating and issued a $104.00 price target on shares of Medtronic in a report on Wednesday, February 20th. Finally, Northland Securities reiterated a “hold” rating and issued a $84.00 price target on shares of Medtronic in a report on Monday, March 18th. Eight analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $103.95.

In other news, EVP Hooman Hakami sold 52,664 shares of Medtronic stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $97.49, for a total value of $5,134,213.36. Following the completion of the transaction, the executive vice president now owns 95,337 shares of the company’s stock, valued at approximately $9,294,404.13. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Richard H. Anderson purchased 10,900 shares of the stock in a transaction dated Friday, May 24th. The stock was bought at an average cost of $92.40 per share, with a total value of $1,007,160.00. Following the transaction, the director now owns 89,912 shares in the company, valued at $8,307,868.80. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 72,664 shares of company stock worth $7,017,683. Company insiders own 0.28% of the company’s stock.

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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: Reverse Stock Split

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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