Hartline Investment Corp Decreases Stock Holdings in Medtronic PLC (NYSE:MDT)

Hartline Investment Corp lessened its holdings in Medtronic PLC (NYSE:MDT) by 2.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,225 shares of the medical technology company’s stock after selling 150 shares during the quarter. Hartline Investment Corp’s holdings in Medtronic were worth $649,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of MDT. Vanguard Group Inc. increased its holdings in shares of Medtronic by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company’s stock valued at $9,921,367,000 after acquiring an additional 754,395 shares during the last quarter. Capital Research Global Investors boosted its holdings in Medtronic by 1.8% in the fourth quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company’s stock valued at $2,652,310,000 after purchasing an additional 571,700 shares in the last quarter. Geode Capital Management LLC increased its stake in Medtronic by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company’s stock valued at $2,155,085,000 after purchasing an additional 574,055 shares during the last quarter. Deutsche Bank AG raised its holdings in Medtronic by 2.1% during the fourth quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company’s stock worth $1,473,278,000 after purchasing an additional 372,168 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in Medtronic by 17.8% during the fourth quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock worth $1,233,769,000 after purchasing an additional 2,333,600 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on MDT shares. Leerink Partnrs upgraded shares of Medtronic to a “strong-buy” rating in a report on Monday, June 16th. Wolfe Research upgraded shares of Medtronic from an “underperform” rating to a “peer perform” rating in a research note on Monday. Truist Financial cut their target price on Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research report on Friday, April 11th. Royal Bank Of Canada reduced their target price on Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a report on Thursday, May 22nd. Finally, Robert W. Baird dropped their price target on Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a research note on Thursday, May 22nd. Nine investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Medtronic presently has an average rating of “Moderate Buy” and an average price target of $97.87.

Medtronic Stock Performance

NYSE:MDT opened at $88.50 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. The firm has a market cap of $113.50 billion, a price-to-earnings ratio of 24.45, a price-to-earnings-growth ratio of 2.38 and a beta of 0.80. The firm’s fifty day moving average price is $85.21 and its 200 day moving average price is $86.49. Medtronic PLC has a 1-year low of $75.96 and a 1-year high of $96.25.

Medtronic (NYSE:MDT) last released its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping the consensus estimate of $1.58 by $0.04. The company had revenue of $8.93 billion during the quarter, compared to analysts’ expectations of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The business’s revenue was up 3.9% on a year-over-year basis. During the same quarter last year, the business earned $1.46 EPS. On average, sell-side analysts expect that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be issued a $0.71 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a dividend yield of 3.21%. The ex-dividend date of this dividend is Friday, June 27th. Medtronic’s dividend payout ratio (DPR) is currently 78.45%.

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.