Toronto Dominion Bank Trims Stake in Medtronic plc (NYSE:MDT)

Toronto Dominion Bank lessened its holdings in shares of Medtronic plc (NYSE:MDT) by 9.4% during the 2nd quarter, HoldingsChannel reports. The fund owned 628,311 shares of the medical technology company’s stock after selling 65,488 shares during the quarter. Toronto Dominion Bank’s holdings in Medtronic were worth $77,992,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Corundum Group Inc. increased its stake in shares of Medtronic by 3.6% in the 1st quarter. Corundum Group Inc. now owns 2,311 shares of the medical technology company’s stock worth $273,000 after purchasing an additional 80 shares in the last quarter. Tranquility Partners LLC raised its stake in shares of Medtronic by 2.6% in the second quarter. Tranquility Partners LLC now owns 3,136 shares of the medical technology company’s stock worth $389,000 after buying an additional 80 shares during the period. Schmidt P J Investment Management Inc. lifted its position in shares of Medtronic by 1.9% during the 2nd quarter. Schmidt P J Investment Management Inc. now owns 4,355 shares of the medical technology company’s stock valued at $560,000 after buying an additional 80 shares in the last quarter. South State CORP. grew its stake in shares of Medtronic by 2.1% during the 1st quarter. South State CORP. now owns 3,983 shares of the medical technology company’s stock valued at $471,000 after acquiring an additional 83 shares during the period. Finally, TRUE Private Wealth Advisors increased its holdings in Medtronic by 3.4% in the 1st quarter. TRUE Private Wealth Advisors now owns 2,589 shares of the medical technology company’s stock worth $307,000 after acquiring an additional 86 shares in the last quarter. 79.59% of the stock is owned by hedge funds and other institutional investors.

In other news, SVP Bradley E. Lerman sold 50,775 shares of Medtronic stock in a transaction that occurred on Tuesday, August 31st. The shares were sold at an average price of $134.17, for a total transaction of $6,812,481.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Geoffrey Martha sold 11,581 shares of the firm’s stock in a transaction on Wednesday, August 25th. The stock was sold at an average price of $132.67, for a total value of $1,536,451.27. Following the transaction, the chief executive officer now owns 97,317 shares in the company, valued at $12,911,046.39. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 106,390 shares of company stock worth $14,140,470. Company insiders own 0.47% of the company’s stock.

Several brokerages have recently commented on MDT. Morgan Stanley raised their price objective on shares of Medtronic from $140.00 to $154.00 and gave the company an “overweight” rating in a research report on Wednesday, August 25th. Citigroup reaffirmed a “focus list” rating and issued a $153.00 price objective (up previously from $143.00) on shares of Medtronic in a research note on Wednesday, August 25th. Truist lifted their target price on Medtronic from $138.00 to $148.00 and gave the company a “buy” rating in a research note on Wednesday, August 25th. Deutsche Bank Aktiengesellschaft upped their price target on Medtronic from $134.00 to $149.00 and gave the stock a “buy” rating in a research note on Friday, May 28th. Finally, Stifel Nicolaus boosted their target price on shares of Medtronic from $140.00 to $145.00 and gave the stock a “buy” rating in a report on Wednesday, August 25th. Five investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Medtronic has a consensus rating of “Buy” and a consensus price target of $144.18.

Medtronic stock opened at $130.58 on Wednesday. Medtronic plc has a 1-year low of $98.94 and a 1-year high of $135.89. The company’s 50-day moving average is $129.86 and its 200 day moving average is $125.79. The firm has a market capitalization of $175.49 billion, a P/E ratio of 45.66, a price-to-earnings-growth ratio of 2.62 and a beta of 0.80. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.89 and a quick ratio of 2.34.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Monday, August 23rd. The medical technology company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.09. Medtronic had a return on equity of 13.85% and a net margin of 12.29%. The firm had revenue of $7.99 billion for the quarter, compared to the consensus estimate of $7.88 billion. During the same period in the prior year, the business posted $0.62 earnings per share. The company’s revenue for the quarter was up 22.7% on a year-over-year basis. Research analysts anticipate that Medtronic plc will post 5.7 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, October 15th. Stockholders of record on Friday, September 24th will be paid a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date is Thursday, September 23rd.

Medtronic Profile

Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiac and Vascular Group; Minimally Invasive Technologies Group; Restorative Therapies Group; and Diabetes Group.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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