IVC Wealth Advisors LLC Has $491,000 Stock Holdings in Medtronic plc (NYSE:MDT)

IVC Wealth Advisors LLC reduced its holdings in shares of Medtronic plc (NYSE:MDT) by 21.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,456 shares of the medical technology company’s stock after selling 1,481 shares during the quarter. IVC Wealth Advisors LLC’s holdings in Medtronic were worth $491,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of MDT. Lynx Investment Advisory bought a new position in shares of Medtronic in the second quarter worth about $28,000. Tributary Capital Management LLC acquired a new position in Medtronic during the 1st quarter worth approximately $33,000. Gleason Group Inc. acquired a new position in Medtronic during the 2nd quarter worth approximately $42,000. Opal Wealth Advisors LLC bought a new position in Medtronic in the 2nd quarter valued at approximately $43,000. Finally, Olistico Wealth LLC acquired a new stake in Medtronic in the second quarter valued at approximately $45,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Price Performance

Shares of NYSE MDT opened at $90.59 on Monday. The company has a market capitalization of $116.16 billion, a PE ratio of 32.94, a P/E/G ratio of 2.60 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $92.68. The firm has a fifty day simple moving average of $89.30 and a 200 day simple moving average of $83.85.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter last year, the firm posted $1.20 earnings per share. The firm’s revenue was up 3.4% on a year-over-year basis. On average, sell-side analysts forecast that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were given a dividend of $0.70 per share. The ex-dividend date was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.09%. Medtronic’s payout ratio is presently 101.82%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MDT. Wells Fargo & Company increased their price target on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and increased their target price for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Stifel Nicolaus boosted their price target on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and raised their price objective for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Finally, Barclays boosted their target price on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus price target of $95.36.

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.