Manning & Napier Advisors LLC Increased Medtronic Plc (NYSE:MDT) by $205.70 Million as Shares Declined


Manning & Napier Advisors Llc increased its stake in Medtronic Plc (NYSE:MDT) by 55.42% based on its latest 2016Q2 regulatory filing with the SEC. Manning & Napier Advisors Llc bought 2.78M shares as the company’s stock declined 1.02% while stock markets rallied. The institutional investor held 7.80 million shares of the electromedical & electrotherapeutic apparatus company at the end of 2016Q2, valued at $584.70 million, up from 5.02 million at the end of the previous reported quarter. Manning & Napier Advisors Llc who had been investing in Medtronic Plc for a number of months, seems to be bullish on the $117.56B market cap company. The stock is down 1.31% or $1.13 hitting $85.07, despite the positive news. About 2.64M shares traded hands. Medtronic PLC (NYSE:MDT) has risen 18.68% since February 8, 2016 and is uptrending. It has outperformed by 2.20% the S&P500.

Manning & Napier Advisors Llc, which manages about $52.21 billion and $15.82 billion US Long portfolio, decreased its stake in Merck & Co Inc New (NYSE:MRK) by 77,252 shares to 501,558 shares, valued at $26.54 million in 2016Q2, according to the filing. It also reduced its holding in Evertec Inc (NYSE:EVTC) by 637,961 shares in the quarter, leaving it with 1.31M shares, and cut its stake in Sinclair Broadcast Group Inc (NASDAQ:SBGI).

Manning & Napier Advisors Llc is a New York-based institutional investor with more than $52.21 billion AUM in May, 2014. This fund invests only a small percentage of its assets in equities and options. Manning & Napier Advisors Llc is the 89th largest institutional investor in our database. Taken from Manning & Napier Advisors latest Adv, the fund reported to have 386 full and part-time employees. Among which 209 performing investment advisory and research functions. The institutional investor had more than 7000 clients.

The institutional sentiment decreased to 0.8 in 2016 Q2. Its down 0.09, from 0.89 in 2016Q1. The ratio turned negative, as 60 funds sold all MDT shares owned while 508 reduced positions. 93 funds bought stakes while 361 increased positions. They now own 1.03 billion shares or 1.89% more from 1.01 billion shares in 2016Q1.

Menlo Advisors Llc holds 4.93% of its portfolio in MDT for 66,890 shares. Clark Estates Inc Ny owns 282,227 shares or 4.85% of their US portfolio. Moreover, Hudson Valley Investment Advisors Inc Adv has 4.75% invested in the company for 170,812 shares. The California-based Raub Brock Capital Management Lp has invested 4.74% in the stock. Stuyvesant Capital Management, a New York-based fund reported 27,550 shares.

Out of 16 analysts covering Medtronic Inc. (NYSE:MDT), 12 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 75% are positive. $102 is the highest target while $82 is the lowest. The $90.46 average target is 6.34% above today’s ($85.07) stock price. Medtronic Inc. has been the topic of 20 analyst reports since September 22, 2015 according to StockzIntelligence Inc. UBS maintained the stock on August 26 with “Buy” rating. SunTrust maintained it with “Buy” rating and $98 target price in a June 13 report. Needham maintained the shares of MDT in a report on August 26 with “Buy” rating. Deutsche Bank maintained the firm’s rating on June 2. Deutsche Bank has “Buy” rating and $92 price target. Lastly, Wedbush maintained the stock with “Neutral” rating in a June 1 report.

Medtronic Public Limited Company is a medical technology and services company. The company has a market cap of $117.56 billion. The Firm develops, makes and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. It has a 33.06 P/E ratio. The Firm operates in four divisions: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.

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