CIBC Asset Management Inc Cuts Stock Holdings in Medtronic plc (NYSE:MDT)

CIBC Asset Management Inc decreased its holdings in shares of Medtronic plc (NYSE:MDT) by 1.4% during the first quarter, HoldingsChannel reports. The firm owned 911,097 shares of the medical technology company’s stock after selling 12,671 shares during the period. CIBC Asset Management Inc’s holdings in Medtronic were worth $73,453,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Rehmann Capital Advisory Group increased its position in Medtronic by 5.2% during the 1st quarter. Rehmann Capital Advisory Group now owns 17,670 shares of the medical technology company’s stock valued at $1,425,000 after purchasing an additional 867 shares during the period. Stamos Capital Partners L.P. purchased a new position in Medtronic during the 1st quarter valued at about $1,512,000. Perennial Advisors LLC increased its position in Medtronic by 3.9% during the 1st quarter. Perennial Advisors LLC now owns 57,930 shares of the medical technology company’s stock valued at $4,671,000 after purchasing an additional 2,173 shares during the period. Van Lanschot Kempen Investment Management N.V. boosted its holdings in shares of Medtronic by 110.9% in the 1st quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,144,011 shares of the medical technology company’s stock valued at $92,230,000 after buying an additional 601,610 shares in the last quarter. Finally, Franklin Resources Inc. boosted its holdings in shares of Medtronic by 6.0% in the 1st quarter. Franklin Resources Inc. now owns 19,990,359 shares of the medical technology company’s stock valued at $1,611,623,000 after buying an additional 1,124,808 shares in the last quarter. Hedge funds and other institutional investors own 80.75% of the company’s stock.

Wall Street Analysts Forecast Growth

MDT has been the topic of a number of recent analyst reports. Truist Financial lowered their price target on shares of Medtronic from $93.00 to $90.00 in a report on Friday, May 26th. Oppenheimer restated a “market perform” rating and issued a $89.00 price target on shares of Medtronic in a report on Wednesday, August 23rd. 22nd Century Group restated an “initiates” rating on shares of Medtronic in a report on Friday, June 30th. StockNews.com upgraded shares of Medtronic from a “buy” rating to a “strong-buy” rating in a report on Wednesday, August 30th. Finally, Mizuho raised their price target on shares of Medtronic from $95.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, August 23rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Medtronic currently has an average rating of “Hold” and a consensus target price of $91.67.

Medtronic Stock Performance

MDT traded up $0.63 during trading on Monday, reaching $82.13. 4,238,800 shares of the company’s stock were exchanged, compared to its average volume of 5,722,769. Medtronic plc has a 1 year low of $75.76 and a 1 year high of $92.39. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.42 and a quick ratio of 1.79. The stock has a market capitalization of $109.28 billion, a P/E ratio of 30.31, a price-to-earnings-growth ratio of 2.89 and a beta of 0.71. The company’s fifty day simple moving average is $85.33 and its 200-day simple moving average is $84.56.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.09. Medtronic had a net margin of 11.47% and a return on equity of 13.81%. The company had revenue of $7.70 billion during the quarter, compared to analyst estimates of $7.57 billion. During the same period last year, the firm posted $1.13 EPS. Medtronic’s revenue for the quarter was up 4.5% compared to the same quarter last year. As a group, research analysts predict that Medtronic plc will post 5.12 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 22nd will be given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date is Thursday, September 21st. Medtronic’s dividend payout ratio is presently 101.85%.

Insider Activity

In other news, EVP Brett A. Wall sold 2,000 shares of Medtronic stock in a transaction that occurred on Friday, July 14th. The shares were sold at an average price of $87.97, for a total transaction of $175,940.00. Following the completion of the transaction, the executive vice president now directly owns 23,948 shares of the company’s stock, valued at approximately $2,106,705.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, EVP Brett A. Wall sold 1,000 shares of Medtronic stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $83.38, for a total transaction of $83,380.00. Following the completion of the transaction, the executive vice president now directly owns 33,573 shares of the company’s stock, valued at approximately $2,799,316.74. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Brett A. Wall sold 2,000 shares of Medtronic stock in a transaction that occurred on Friday, July 14th. The shares were sold at an average price of $87.97, for a total transaction of $175,940.00. Following the transaction, the executive vice president now directly owns 23,948 shares of the company’s stock, valued at $2,106,705.56. The disclosure for this sale can be found here. Insiders sold a total of 19,866 shares of company stock valued at $1,688,839 in the last three months. 0.30% of the stock is currently owned by corporate insiders.

Medtronic Company Profile

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.