Medtronic plc (NYSE:MDT) Holdings Decreased by MetLife Investment Management LLC

MetLife Investment Management LLC decreased its holdings in shares of Medtronic plc (NYSE:MDT) by 1.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 337,648 shares of the medical technology company’s stock after selling 5,778 shares during the quarter. MetLife Investment Management LLC’s holdings in Medtronic were worth $29,747,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Wellington Management Group LLP grew its stake in Medtronic by 0.3% in the first quarter. Wellington Management Group LLP now owns 29,945,349 shares of the medical technology company’s stock valued at $2,414,194,000 after purchasing an additional 88,302 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Medtronic by 1.6% in the first quarter. JPMorgan Chase & Co. now owns 20,349,983 shares of the medical technology company’s stock valued at $1,640,616,000 after purchasing an additional 327,737 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Medtronic by 2.7% in the first quarter. Bank of New York Mellon Corp now owns 20,120,071 shares of the medical technology company’s stock valued at $1,622,080,000 after purchasing an additional 534,722 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Medtronic by 6.0% in the first quarter. Franklin Resources Inc. now owns 19,990,359 shares of the medical technology company’s stock worth $1,611,623,000 after buying an additional 1,124,808 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its position in shares of Medtronic by 29.0% in the first quarter. Ameriprise Financial Inc. now owns 15,322,448 shares of the medical technology company’s stock worth $1,235,191,000 after buying an additional 3,443,262 shares during the last quarter. Hedge funds and other institutional investors own 80.75% of the company’s stock.

Insider Activity

In other news, EVP Gregory L. Smith sold 10,000 shares of Medtronic stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $83.84, for a total value of $838,400.00. Following the completion of the sale, the executive vice president now directly owns 46,723 shares in the company, valued at $3,917,256.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $89.00 price target on shares of Medtronic in a research report on Wednesday, August 23rd. Oppenheimer reaffirmed a “market perform” rating and issued a $89.00 price target on shares of Medtronic in a research report on Wednesday, August 23rd. Stifel Nicolaus boosted their price objective on Medtronic from $92.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, August 22nd. Mizuho boosted their price objective on Medtronic from $95.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, August 23rd. Finally, StockNews.com started coverage on Medtronic in a research report on Thursday, October 5th. They set a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $91.94.

Medtronic Stock Performance

MDT stock traded up $0.56 during mid-day trading on Monday, hitting $75.32. 2,963,712 shares of the company were exchanged, compared to its average volume of 5,987,250. The business has a 50 day simple moving average of $75.20 and a 200-day simple moving average of $81.95. The company has a current ratio of 2.42, a quick ratio of 1.79 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $100.22 billion, a PE ratio of 27.75, a price-to-earnings-growth ratio of 2.63 and a beta of 0.71. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $92.02.

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

Medtronic 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.