Medtronic plc (NYSE:MDT) Stake Decreased by MCF Advisors LLC

MCF Advisors LLC cut its holdings in shares of Medtronic plc (NYSE:MDT) by 25.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,136 shares of the medical technology company’s stock after selling 398 shares during the period. MCF Advisors LLC’s holdings in Medtronic were worth $103,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. First PREMIER Bank grew its stake in shares of Medtronic by 1.8% in the third quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock worth $577,000 after purchasing an additional 116 shares in the last quarter. Precision Wealth Strategies LLC lifted its holdings in Medtronic by 3.3% in the third quarter. Precision Wealth Strategies LLC now owns 3,741 shares of the medical technology company’s stock worth $337,000 after purchasing an additional 118 shares during the period. Lake Street Advisors Group LLC grew its position in Medtronic by 2.0% in the 3rd quarter. Lake Street Advisors Group LLC now owns 6,024 shares of the medical technology company’s stock valued at $547,000 after buying an additional 118 shares in the last quarter. Quent Capital LLC increased its stake in Medtronic by 8.0% during the 1st quarter. Quent Capital LLC now owns 1,680 shares of the medical technology company’s stock valued at $146,000 after buying an additional 125 shares during the period. Finally, Abbrea Capital LLC increased its stake in Medtronic by 2.5% during the 1st quarter. Abbrea Capital LLC now owns 5,077 shares of the medical technology company’s stock valued at $446,000 after buying an additional 125 shares during the period. 82.06% of the stock is owned by institutional investors.

Analysts Set New Price Targets

MDT has been the subject of several recent analyst reports. Citigroup increased their price objective on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and increased their price target for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. Piper Sandler boosted their price objective on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Evercore ISI upped their price objective on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Finally, Wells Fargo & Company lifted their target price on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus target price of $95.36.

Medtronic Trading Down 0.4 %

Shares of MDT traded down $0.40 during midday trading on Friday, hitting $90.59. The stock had a trading volume of 3,446,977 shares, compared to its average volume of 6,215,464. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $92.68. The business has a 50-day simple moving average of $89.30 and a two-hundred day simple moving average of $83.84. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The firm has a market cap of $116.18 billion, a P/E ratio of 30.60, a price-to-earnings-growth ratio of 2.60 and a beta of 0.84.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.20 EPS. As a group, equities analysts forecast 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. Shareholders of record on Friday, September 27th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.09%. Medtronic’s payout ratio is presently 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.