Measured Wealth Private Client Group LLC Cuts Position in Medtronic plc (NYSE:MDT)

Measured Wealth Private Client Group LLC lessened its holdings in Medtronic plc (NYSE:MDT) by 2.3% during the third quarter, Holdings Channel.com reports. The institutional investor owned 6,448 shares of the medical technology company’s stock after selling 150 shares during the quarter. Measured Wealth Private Client Group LLC’s holdings in Medtronic were worth $581,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MDT. M&G Plc purchased a new position in Medtronic in the first quarter valued at approximately $259,160,000. Capital Research Global Investors lifted its stake in Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock valued at $2,691,577,000 after purchasing an additional 2,044,109 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Medtronic by 1,195.9% in 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 purchasing an additional 1,695,800 shares during the last quarter. International Assets Investment Management LLC raised its holdings in Medtronic by 8,908.6% during the 3rd quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock valued at $116,896,000 after acquiring an additional 1,284,002 shares during the period. Finally, Troy Asset Management Ltd bought a new stake in Medtronic during the 2nd quarter valued at $85,440,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of NYSE MDT opened at $90.75 on Thursday. Medtronic plc has a twelve month low of $69.32 and a twelve month high of $92.68. The firm has a market cap of $116.37 billion, a P/E ratio of 32.93, a PEG ratio of 2.60 and a beta of 0.84. The company has a 50 day moving average of $89.58 and a 200 day moving average of $84.03. 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 (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, topping 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 company had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same period in the previous year, the business earned $1.20 EPS. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. As a group, research analysts expect that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on MDT shares. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and boosted their target price for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Evercore ISI boosted their target price on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Friday, October 25th. Piper Sandler increased their target price on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Finally, Daiwa America raised Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Medtronic presently has an average rating of “Hold” and a consensus price target of $95.36.

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.