Rhenman & Partners Asset Management AB Has $25.73 Million Holdings in Medtronic plc (NYSE:MDT)

Rhenman & Partners Asset Management AB grew its stake in Medtronic plc (NYSE:MDT) by 24.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 292,000 shares of the medical technology company’s stock after acquiring an additional 57,000 shares during the period. Medtronic accounts for approximately 2.7% of Rhenman & Partners Asset Management AB’s holdings, making the stock its 8th largest position. Rhenman & Partners Asset Management AB’s holdings in Medtronic were worth $25,725,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of MDT. Venturi Wealth Management LLC grew its position in shares of Medtronic by 48.9% during the 2nd quarter. Venturi Wealth Management LLC now owns 344 shares of the medical technology company’s stock valued at $30,000 after acquiring an additional 113 shares during the period. Nelson Van Denburg & Campbell Wealth Management Group LLC grew its position in shares of Medtronic by 0.8% during the 1st quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 13,867 shares of the medical technology company’s stock valued at $1,118,000 after acquiring an additional 114 shares during the period. OLD National Bancorp IN grew its position in shares of Medtronic by 0.9% during the 2nd quarter. OLD National Bancorp IN now owns 13,252 shares of the medical technology company’s stock valued at $1,168,000 after acquiring an additional 116 shares during the period. Pinnacle Bancorp Inc. grew its position in shares of Medtronic by 3.8% during the 2nd quarter. Pinnacle Bancorp Inc. now owns 3,219 shares of the medical technology company’s stock valued at $284,000 after acquiring an additional 117 shares during the period. Finally, First PREMIER Bank grew its position in shares of Medtronic by 2.5% during the 2nd quarter. First PREMIER Bank now owns 4,829 shares of the medical technology company’s stock valued at $425,000 after acquiring an additional 120 shares during the period. Institutional investors own 80.75% of the company’s stock.

Medtronic Price Performance

MDT traded up $2.92 on Tuesday, reaching $78.08. 4,659,318 shares of the company’s stock were exchanged, compared to its average volume of 6,007,160. The stock has a market cap of $103.89 billion, a PE ratio of 27.73, a P/E/G ratio of 2.63 and a beta of 0.71. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $92.02. The stock’s fifty day moving average price is $75.08 and its 200-day moving average price is $81.85. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.42 and a quick ratio of 1.79.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, November 21st. The medical technology company reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.18 by $0.07. The firm had revenue of $7.98 billion for the quarter, compared to analyst estimates of $7.93 billion. Medtronic had a net margin of 11.47% and a return on equity of 13.81%. Medtronic’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the previous year, the business posted $1.30 earnings per share. Sell-side analysts expect that Medtronic plc will post 5.12 EPS for the current year.

Insiders Place Their Bets

In other Medtronic news, EVP Gregory L. Smith sold 10,000 shares of Medtronic stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $83.84, for a total transaction of $838,400.00. Following the transaction, the executive vice president now directly owns 46,723 shares of the company’s stock, valued at $3,917,256.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of recent research reports. Mizuho boosted their price objective on shares of Medtronic from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, August 23rd. Oppenheimer reaffirmed a “market perform” rating and issued a $89.00 target price on shares of Medtronic in a report on Wednesday, August 23rd. Wells Fargo & Company upped their target price on shares of Medtronic from $100.00 to $102.00 and gave the stock an “overweight” rating in a report on Wednesday, August 23rd. StockNews.com assumed coverage on shares of Medtronic in a report on Thursday, October 5th. They issued a “buy” rating for the company. Finally, UBS Group upped their target price on shares of Medtronic from $79.00 to $82.00 and gave the stock a “sell” rating in a report on Wednesday, August 23rd. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $91.94.

About Medtronic

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.