Janney Capital Management LLC Cuts Stake in Medtronic PLC (NYSE:MDT)

Janney Capital Management LLC reduced its holdings in shares of Medtronic PLC (NYSE:MDT) by 2.9% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 181,093 shares of the medical technology company’s stock after selling 5,446 shares during the period. Medtronic accounts for about 1.1% of Janney Capital Management LLC’s investment portfolio, making the stock its 22nd biggest holding. Janney Capital Management LLC’s holdings in Medtronic were worth $16,273,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. TCTC Holdings LLC increased its position in shares of Medtronic by 3.4% in the 4th quarter. TCTC Holdings LLC now owns 39,718 shares of the medical technology company’s stock valued at $3,173,000 after purchasing an additional 1,301 shares during the last quarter. Brighton Jones LLC increased its position in shares of Medtronic by 1,368.0% in the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock valued at $3,194,000 after purchasing an additional 37,265 shares during the last quarter. Oxford Asset Management LLP increased its position in shares of Medtronic by 70.1% in the 4th quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company’s stock valued at $594,000 after purchasing an additional 3,068 shares during the last quarter. New Vernon Investment Management LLC increased its position in shares of Medtronic by 304.9% in the 4th quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company’s stock valued at $2,425,000 after purchasing an additional 22,300 shares during the last quarter. Finally, Advisor OS LLC increased its position in shares of Medtronic by 152.0% in the 4th quarter. Advisor OS LLC now owns 11,800 shares of the medical technology company’s stock valued at $943,000 after purchasing an additional 7,118 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Down 0.6%

Shares of NYSE MDT opened at $85.68 on Thursday. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Medtronic PLC has a 52 week low of $75.96 and a 52 week high of $96.25. The firm has a 50-day moving average price of $84.35 and a 200 day moving average price of $86.26. The stock has a market capitalization of $109.88 billion, a price-to-earnings ratio of 23.67, a price-to-earnings-growth ratio of 2.33 and a beta of 0.79.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating the consensus estimate of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The firm had revenue of $8.93 billion during the quarter, compared to analysts’ expectations of $8.81 billion. During the same quarter last year, the business earned $1.46 earnings per share. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. Equities research analysts anticipate that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.31%. This is a boost from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s payout ratio is presently 77.35%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MDT. Leerink Partners began coverage on shares of Medtronic in a research report on Monday. They issued an “outperform” rating and a $110.00 price objective on the stock. Mizuho dropped their price objective on shares of Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. Truist Financial dropped their price objective on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research report on Friday, April 11th. Wall Street Zen downgraded shares of Medtronic from a “buy” rating to a “hold” rating in a research report on Saturday, May 24th. Finally, Leerink Partnrs raised shares of Medtronic to a “strong-buy” rating in a research report on Monday. Nine research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $97.87.

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.