Mayflower Financial Advisors LLC Decreases Stock Position in Medtronic plc (NYSE:MDT)

Mayflower Financial Advisors LLC decreased its position in shares of Medtronic plc (NYSE:MDT) by 18.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,808 shares of the medical technology company’s stock after selling 1,514 shares during the period. Mayflower Financial Advisors LLC’s holdings in Medtronic were worth $613,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. M&G Plc purchased a new position in Medtronic during the 1st quarter valued at approximately $259,160,000. Capital Research Global Investors boosted its holdings in shares of Medtronic by 7.1% in the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after purchasing an additional 2,044,109 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its position in Medtronic by 1,195.9% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock valued at $144,637,000 after acquiring an additional 1,695,800 shares during the last quarter. International Assets Investment Management LLC raised its position in Medtronic by 8,908.6% in the 3rd quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock worth $116,896,000 after purchasing an additional 1,284,002 shares during the period. Finally, Troy Asset Management Ltd bought a new stake in Medtronic in the second quarter worth about $85,440,000. 82.06% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MDT. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Friday, October 25th. Daiwa America upgraded Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Wells Fargo & Company increased their target price on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Oppenheimer boosted their price target on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. Finally, Citigroup increased their price objective on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $95.36.

Medtronic Price Performance

Shares of MDT stock opened at $87.72 on Monday. Medtronic plc has a fifty-two week low of $69.32 and a fifty-two week high of $92.68. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The firm has a market capitalization of $112.50 billion, a price-to-earnings ratio of 29.64, a PEG ratio of 2.51 and a beta of 0.84. The stock’s 50-day simple moving average is $89.68 and its 200-day simple moving average is $84.48.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same quarter in the prior year, the business posted $1.20 EPS. Medtronic’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, equities analysts forecast that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.19%. The ex-dividend date was Friday, September 27th. Medtronic’s payout ratio is 94.59%.

Medtronic Company Profile

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.