Stone Point Wealth LLC Cuts Stake in Medtronic plc (NYSE:MDT)

Stone Point Wealth LLC lessened its stake in Medtronic plc (NYSE:MDT) by 1.3% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,834 shares of the medical technology company’s stock after selling 222 shares during the quarter. Stone Point Wealth LLC’s holdings in Medtronic were worth $1,516,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Comprehensive Financial Consultants Institutional Inc. boosted its stake in shares of Medtronic by 3.8% during the 3rd quarter. Comprehensive Financial Consultants Institutional Inc. now owns 43,645 shares of the medical technology company’s stock worth $3,929,000 after purchasing an additional 1,588 shares during the last quarter. Trinity Legacy Partners LLC boosted its stake in shares of Medtronic by 8.1% during the 3rd quarter. Trinity Legacy Partners LLC now owns 55,892 shares of the medical technology company’s stock worth $5,031,000 after purchasing an additional 4,181 shares during the last quarter. Confluence Investment Management LLC boosted its stake in shares of Medtronic by 0.9% during the 3rd quarter. Confluence Investment Management LLC now owns 216,499 shares of the medical technology company’s stock worth $19,491,000 after purchasing an additional 1,853 shares during the last quarter. Beacon Harbor Wealth Advisors Inc. boosted its stake in shares of Medtronic by 2.2% during the 3rd quarter. Beacon Harbor Wealth Advisors Inc. now owns 73,047 shares of the medical technology company’s stock worth $6,576,000 after purchasing an additional 1,587 shares during the last quarter. Finally, Portside Wealth Group LLC boosted its position in shares of Medtronic by 9.3% in the third quarter. Portside Wealth Group LLC now owns 58,705 shares of the medical technology company’s stock worth $5,285,000 after acquiring an additional 5,014 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Trading Down 0.0 %

NYSE:MDT opened at $88.11 on Friday. Medtronic plc has a 1-year low of $69.32 and a 1-year high of $92.68. The business’s 50-day moving average price is $89.69 and its two-hundred day moving average price is $84.38. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $113.00 billion, a price-to-earnings ratio of 29.77, a PEG ratio of 2.55 and a beta of 0.84.

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

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given a dividend of $0.70 per share. The ex-dividend date was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.18%. Medtronic’s payout ratio is 94.59%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Stifel Nicolaus lifted their price objective on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Piper Sandler lifted their price objective on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Finally, Robert W. Baird lifted their price objective on shares of Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research note 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 given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $95.36.

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.