Medtronic plc (NYSE:MDT) Shares Sold by Outfitter Financial LLC

Outfitter Financial LLC lowered its stake in shares of Medtronic plc (NYSE:MDT) by 1.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 13,923 shares of the medical technology company’s stock after selling 185 shares during the period. Outfitter Financial LLC’s holdings in Medtronic were worth $1,096,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. International Assets Investment Management LLC lifted its stake in shares of Medtronic by 2.5% in the 4th quarter. International Assets Investment Management LLC now owns 12,607 shares of the medical technology company’s stock valued at $1,039,000 after purchasing an additional 302 shares during the last quarter. Certuity LLC lifted its stake in shares of Medtronic by 28.7% in the 4th quarter. Certuity LLC now owns 3,737 shares of the medical technology company’s stock valued at $308,000 after purchasing an additional 833 shares during the last quarter. Brighton Jones LLC lifted its stake in shares of Medtronic by 1.8% in the 4th quarter. Brighton Jones LLC now owns 10,869 shares of the medical technology company’s stock valued at $896,000 after purchasing an additional 197 shares during the last quarter. Hexagon Capital Partners LLC lifted its stake in shares of Medtronic by 16.3% in the 4th quarter. Hexagon Capital Partners LLC now owns 3,258 shares of the medical technology company’s stock valued at $268,000 after purchasing an additional 456 shares during the last quarter. Finally, Berry Wealth Group LP acquired a new position in shares of Medtronic in the 4th quarter valued at $2,143,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Up 0.4 %

Shares of MDT traded up $0.39 during mid-day trading on Friday, reaching $88.58. The company’s stock had a trading volume of 7,940,126 shares, compared to its average volume of 6,288,698. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $90.13. The stock has a market cap of $113.58 billion, a PE ratio of 32.21, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.55. The company’s 50 day moving average is $81.32 and its 200 day moving average is $82.44.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The firm had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.20 EPS. Equities analysts anticipate that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be given a dividend of $0.70 per share. The ex-dividend date is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.16%. Medtronic’s payout ratio is 101.82%.

Wall Street Analysts Forecast Growth

MDT has been the topic of several research reports. The Goldman Sachs Group initiated coverage on Medtronic in a research note on Thursday, May 30th. They set a “sell” rating and a $83.00 target price on the stock. Piper Sandler increased their target price on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Truist Financial increased their target price on Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. Finally, UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and increased their target price for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $92.92.

Insiders Place Their Bets

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the completion of the sale, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.30% of the stock is owned by insiders.

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.