Factory Mutual Insurance Co. Sells 38,400 Shares of Medtronic PLC (NYSE:MDT)

Factory Mutual Insurance Co. lowered its stake in Medtronic PLC (NYSE:MDT) by 5.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 620,740 shares of the medical technology company’s stock after selling 38,400 shares during the quarter. Factory Mutual Insurance Co.’s holdings in Medtronic were worth $67,426,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Cibc Bank USA raised its holdings in shares of Medtronic by 18.5% in the 3rd quarter. Cibc Bank USA now owns 4,546 shares of the medical technology company’s stock valued at $493,000 after acquiring an additional 709 shares in the last quarter. Allen Capital Group LLC raised its holdings in shares of Medtronic by 36.7% in the 3rd quarter. Allen Capital Group LLC now owns 3,705 shares of the medical technology company’s stock valued at $396,000 after acquiring an additional 995 shares in the last quarter. Virginia Retirement Systems ET AL raised its holdings in shares of Medtronic by 13.3% in the 3rd quarter. Virginia Retirement Systems ET AL now owns 169,300 shares of the medical technology company’s stock valued at $18,389,000 after acquiring an additional 19,900 shares in the last quarter. Integrated Investment Consultants LLC purchased a new stake in shares of Medtronic in the 3rd quarter valued at about $280,000. Finally, Ballentine Partners LLC raised its holdings in shares of Medtronic by 9.7% in the 3rd quarter. Ballentine Partners LLC now owns 6,163 shares of the medical technology company’s stock valued at $670,000 after acquiring an additional 546 shares in the last quarter. Institutional investors and hedge funds own 81.14% of the company’s stock.

Several research firms have weighed in on MDT. Deutsche Bank raised their price target on Medtronic from $100.00 to $111.00 and gave the company a “buy” rating in a report on Monday, August 19th. BTIG Research raised their price objective on Medtronic to $120.00 and gave the company a “buy” rating in a report on Wednesday, August 21st. Needham & Company LLC reissued a “buy” rating and set a $133.00 price objective on shares of Medtronic in a report on Wednesday, August 28th. ValuEngine cut Medtronic from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Morgan Stanley raised their price objective on Medtronic from $105.00 to $111.00 and gave the company an “equal weight” rating in a report on Wednesday, August 21st. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $113.84.

In other news, SVP Richard Kuntz sold 21,425 shares of Medtronic stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $107.51, for a total value of $2,303,401.75. Following the sale, the senior vice president now directly owns 78,916 shares in the company, valued at approximately $8,484,259.16. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Bradley E. Lerman sold 6,599 shares of Medtronic stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $102.02, for a total value of $673,229.98. Following the completion of the sale, the senior vice president now owns 105,960 shares in the company, valued at $10,810,039.20. The disclosure for this sale can be found here. Insiders sold a total of 114,901 shares of company stock worth $12,271,403 over the last ninety days. Insiders own 0.28% of the company’s stock.

Medtronic stock traded down $1.36 during trading hours on Tuesday, reaching $105.26. The company had a trading volume of 2,558,773 shares, compared to its average volume of 3,685,572. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.67 and a quick ratio of 2.20. The company has a 50-day moving average price of $108.34 and a 200 day moving average price of $98.93. The firm has a market cap of $145.06 billion, a price-to-earnings ratio of 20.16, a P/E/G ratio of 2.66 and a beta of 0.64. Medtronic PLC has a 12-month low of $81.66 and a 12-month high of $112.05.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.26 EPS for the quarter, topping the Zacks’ consensus estimate of $1.18 by $0.08. The business had revenue of $7.49 billion for the quarter, compared to analysts’ expectations of $7.40 billion. Medtronic had a return on equity of 14.36% and a net margin of 14.41%. The business’s quarterly revenue was up 1.5% on a year-over-year basis. During the same period in the previous year, the firm earned $1.17 EPS. As a group, research analysts expect that Medtronic PLC will post 5.56 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Friday, September 27th were paid a $0.54 dividend. The ex-dividend date was Thursday, September 26th. This represents a $2.16 dividend on an annualized basis and a yield of 2.05%. Medtronic’s dividend payout ratio (DPR) is currently 41.38%.

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.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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