Headinvest LLC Sells 1,713 Shares of Medtronic plc (NYSE:MDT)

Headinvest LLC reduced its stake in Medtronic plc (NYSE:MDT) by 3.0% in the 4th quarter, Holdings Channel reports. The firm owned 54,834 shares of the medical technology company’s stock after selling 1,713 shares during the period. Headinvest LLC’s holdings in Medtronic were worth $4,380,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MDT. Hennion & Walsh Asset Management Inc. acquired a new stake in Medtronic in the 4th quarter worth approximately $280,000. Ballentine Partners LLC lifted its holdings in Medtronic by 24.6% in the 4th quarter. Ballentine Partners LLC now owns 16,287 shares of the medical technology company’s stock worth $1,301,000 after purchasing an additional 3,215 shares during the last quarter. Clear Harbor Asset Management LLC lifted its holdings in Medtronic by 3.1% in the 4th quarter. Clear Harbor Asset Management LLC now owns 9,855 shares of the medical technology company’s stock worth $787,000 after purchasing an additional 297 shares during the last quarter. Fort Washington Investment Advisors Inc. OH lifted its holdings in Medtronic by 7.4% in the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 2,805,409 shares of the medical technology company’s stock worth $224,096,000 after purchasing an additional 194,010 shares during the last quarter. Finally, MCF Advisors LLC lifted its holdings in Medtronic by 22.8% in the 4th quarter. MCF Advisors LLC now owns 1,395 shares of the medical technology company’s stock worth $112,000 after purchasing an additional 259 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of NYSE:MDT opened at $84.52 on Thursday. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $96.25. The firm has a market cap of $108.40 billion, a PE ratio of 25.69, a price-to-earnings-growth ratio of 2.22 and a beta of 0.81. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The business has a fifty day moving average of $85.54 and a 200-day moving average of $86.56.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.04. The business had revenue of $8.93 billion for the quarter, compared to analysts’ expectations of $8.81 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter last year, the business earned $1.46 earnings per share. On average, equities research analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.36%. This is a boost from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio (DPR) is 85.11%.

Analyst Ratings Changes

Several research firms have recently weighed in on MDT. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and increased their price objective for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. UBS Group raised their target price on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Truist Financial reduced their target price on Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research report on Friday, April 11th. Robert W. Baird increased their price objective on Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Monday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $96.14.

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.