Medtronic plc (NYSE:MDT) Shares Sold by Fernwood Investment Management LLC

Fernwood Investment Management LLC cut its holdings in shares of Medtronic plc (NYSE:MDT) by 5.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,650 shares of the medical technology company’s stock after selling 985 shares during the period. Fernwood Investment Management LLC’s holdings in Medtronic were worth $1,589,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Fortitude Family Office LLC bought a new stake in shares of Medtronic in the 3rd quarter worth about $27,000. Highline Wealth Partners LLC bought a new stake in Medtronic in the third quarter valued at about $27,000. Lynx Investment Advisory acquired a new stake in Medtronic during the second quarter valued at approximately $28,000. Gleason Group Inc. bought a new position in Medtronic during the 2nd quarter worth approximately $42,000. Finally, Opal Wealth Advisors LLC acquired a new position in shares of Medtronic in the 2nd quarter worth approximately $43,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on MDT shares. Barclays boosted their target price on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Robert W. Baird increased their price objective on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Truist Financial lifted their target price on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday, October 14th. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Finally, Stifel Nicolaus boosted their price objective on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. 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 assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $95.36.

Medtronic Price Performance

NYSE:MDT traded up $0.82 during midday trading on Friday, hitting $90.07. 5,052,408 shares of the stock were exchanged, compared to its average volume of 4,687,057. The company has a market capitalization of $115.51 billion, a price-to-earnings ratio of 30.43, a P/E/G ratio of 2.55 and a beta of 0.84. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. Medtronic plc has a one year low of $69.32 and a one year high of $92.68. The business has a 50-day moving average price of $89.64 and a two-hundred day moving average price of $84.17.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter in the previous year, the business earned $1.20 EPS. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. Sell-side analysts predict that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The firm 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. The ex-dividend date was Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.11%. Medtronic’s dividend payout ratio is currently 94.59%.

Medtronic 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.