Leelyn Smith LLC Sells 14,125 Shares of Medtronic plc (NYSE:MDT)

Leelyn Smith LLC reduced its stake in shares of Medtronic plc (NYSE:MDT) by 34.1% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 27,284 shares of the medical technology company’s stock after selling 14,125 shares during the quarter. Leelyn Smith LLC’s holdings in Medtronic were worth $2,148,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. LifeSteps Financial Inc. acquired a new stake in Medtronic in the first quarter worth $27,000. Lynx Investment Advisory bought a new stake in shares of Medtronic in the 2nd quarter valued at $28,000. Tributary Capital Management LLC acquired a new stake in Medtronic during the 1st quarter worth $33,000. Riverview Trust Co bought a new position in Medtronic during the first quarter worth about $39,000. Finally, Fortis Group Advisors LLC grew its stake in Medtronic by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after acquiring an additional 230 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a research report on Wednesday, August 21st. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Wells Fargo & Company boosted their price objective on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Finally, Robert W. Baird increased their target price on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $92.92.

Medtronic Price Performance

Shares of NYSE MDT opened at $90.00 on Friday. The stock has a market capitalization of $115.42 billion, a price-to-earnings ratio of 32.73, a PEG ratio of 2.57 and a beta of 0.84. The business has a 50-day moving average of $83.60 and a 200-day moving average of $82.80. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.49.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. The company had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. Medtronic’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.20 EPS. As a group, sell-side analysts predict that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.11%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s payout ratio is 101.82%.

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.