SVB Wealth LLC Sells 7,991 Shares of Medtronic plc (NYSE:MDT)

SVB Wealth LLC lowered its position in Medtronic plc (NYSE:MDT) by 5.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 147,780 shares of the medical technology company’s stock after selling 7,991 shares during the quarter. SVB Wealth LLC’s holdings in Medtronic were worth $11,632,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Equity Investment Corp grew its position in Medtronic by 27.9% in the fourth quarter. Equity Investment Corp now owns 1,341,079 shares of the medical technology company’s stock worth $110,478,000 after acquiring an additional 292,459 shares in the last quarter. Chemung Canal Trust Co. boosted its position in Medtronic by 1,467.5% during the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock valued at $4,175,000 after buying an additional 44,846 shares during the period. Manning & Napier Advisors LLC purchased a new stake in Medtronic during the second quarter valued at about $25,643,000. TD Asset Management Inc boosted its position in Medtronic by 4.3% during the fourth quarter. TD Asset Management Inc now owns 1,034,214 shares of the medical technology company’s stock valued at $85,199,000 after buying an additional 42,988 shares during the period. Finally, SageView Advisory Group LLC boosted its position in Medtronic by 130.3% during the first quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock valued at $1,467,000 after buying an additional 9,523 shares during the period. Institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

MDT has been the subject of several analyst reports. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Truist Financial upped their price target on shares of Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research report on Friday, August 23rd. Stifel Nicolaus upped their price target on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. UBS Group upgraded shares of 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 report on Thursday, August 15th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $92.92.

Medtronic Trading Up 0.6 %

MDT stock traded up $0.50 during trading on Friday, reaching $89.89. The company had a trading volume of 7,116,627 shares, compared to its average volume of 6,304,211. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.49. The business has a 50 day moving average of $82.29 and a 200 day moving average of $82.62. The company has a market cap of $115.26 billion, a P/E ratio of 32.69, a PEG ratio of 2.52 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61.

Medtronic (NYSE:MDT) last announced its 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. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter last year, the firm earned $1.20 earnings per share. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. As a group, sell-side analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio is 101.82%.

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.