Arete Wealth Advisors LLC Trims Holdings in Medtronic plc (NYSE:MDT)

Arete Wealth Advisors LLC lowered its stake in Medtronic plc (NYSE:MDT) by 18.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 27,092 shares of the medical technology company’s stock after selling 6,123 shares during the quarter. Arete Wealth Advisors LLC’s holdings in Medtronic were worth $2,433,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in MDT. Fortitude Family Office LLC bought a new stake in Medtronic during the third quarter worth about $27,000. Darwin Wealth Management LLC bought a new stake in Medtronic in the 3rd quarter worth approximately $27,000. Highline Wealth Partners LLC purchased a new stake in Medtronic in the third quarter worth approximately $27,000. J. Stern & Co. LLP bought a new position in Medtronic during the third quarter valued at approximately $30,000. Finally, True Wealth Design LLC raised its stake in shares of Medtronic by 1,793.3% during the third quarter. True Wealth Design LLC now owns 568 shares of the medical technology company’s stock worth $51,000 after acquiring an additional 538 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of MDT opened at $83.60 on Wednesday. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $92.68. The firm’s 50-day simple moving average is $88.13 and its two-hundred day simple moving average is $85.01. The stock has a market cap of $107.20 billion, a PE ratio of 25.57, a price-to-earnings-growth ratio of 2.38 and a beta of 0.82. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.01. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.25 EPS. Analysts anticipate that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date of this dividend is Friday, December 27th. Medtronic’s payout ratio is 85.63%.

Analysts Set New Price Targets

MDT has been the topic of several recent research reports. Oppenheimer raised their price target on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. JPMorgan Chase & Co. lowered their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Friday, November 15th. Stifel Nicolaus boosted their price objective 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, Truist Financial boosted their price target on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a report on Monday, October 14th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $95.27.

Medtronic Company 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.