Outfitter Financial LLC Lowers Stake in Medtronic PLC (NYSE:MDT)

Outfitter Financial LLC lessened its position in Medtronic PLC (NYSE:MDT) by 1.2% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 12,983 shares of the medical technology company’s stock after selling 155 shares during the period. Outfitter Financial LLC’s holdings in Medtronic were worth $1,167,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in MDT. Vanguard Group Inc. lifted its stake in shares of Medtronic by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company’s stock valued at $9,921,367,000 after purchasing an additional 754,395 shares during the period. Capital Research Global Investors grew its holdings in shares of Medtronic by 1.8% during the fourth quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company’s stock worth $2,652,310,000 after buying an additional 571,700 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Medtronic by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company’s stock worth $2,155,085,000 after buying an additional 574,055 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in Medtronic by 7.0% during the first quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company’s stock worth $2,001,903,000 after purchasing an additional 1,461,841 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in Medtronic by 3.8% during the first quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company’s stock worth $1,858,332,000 after purchasing an additional 756,192 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of Medtronic stock traded up $0.59 during trading on Friday, reaching $90.12. The company’s stock had a trading volume of 741,413 shares, compared to its average volume of 7,008,713. The stock has a market capitalization of $115.58 billion, a P/E ratio of 24.88, a price-to-earnings-growth ratio of 2.33 and a beta of 0.80. Medtronic PLC has a one year low of $78.32 and a one year high of $96.25. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. The stock has a 50-day moving average price of $86.29 and a two-hundred day moving average price of $87.06.

Medtronic (NYSE:MDT) last posted its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (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 analyst estimates of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.46 EPS. As a group, sell-side analysts anticipate that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were given a $0.71 dividend. The ex-dividend date of this dividend was Friday, June 27th. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a dividend yield of 3.15%. Medtronic’s payout ratio is currently 78.45%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on MDT shares. Wall Street Zen upgraded shares of Medtronic from a “hold” rating to a “buy” rating in a research note on Saturday, June 21st. Citigroup upped their price target on shares of Medtronic from $98.00 to $99.00 and gave the company a “buy” rating in a report on Wednesday, July 9th. Royal Bank Of Canada reduced their price objective on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a research note on Thursday, May 22nd. Robert W. Baird reduced their price objective on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research note on Thursday, May 22nd. Finally, Truist Financial reduced their price target on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research report on Friday, April 11th. Eleven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $98.19.

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.