Medtronic PLC (NYSE:MDT) Shares Sold by Peak Asset Management LLC

Peak Asset Management LLC reduced its position in shares of Medtronic PLC (NYSE:MDT) by 8.8% during the 1st quarter, Holdings Channel.com reports. The firm owned 28,971 shares of the medical technology company’s stock after selling 2,810 shares during the quarter. Peak Asset Management LLC’s holdings in Medtronic were worth $2,603,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of MDT. Brighton Jones LLC boosted its stake in shares of Medtronic by 1,368.0% during the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock worth $3,194,000 after purchasing an additional 37,265 shares during the last quarter. WINTON GROUP Ltd acquired a new stake in shares of Medtronic in the fourth quarter worth approximately $342,000. Pictet Asset Management Holding SA boosted its position in shares of Medtronic by 7.1% in the fourth quarter. Pictet Asset Management Holding SA now owns 945,060 shares of the medical technology company’s stock worth $75,491,000 after acquiring an additional 62,853 shares during the last quarter. Orion Portfolio Solutions LLC boosted its position in shares of Medtronic by 4.3% in the fourth quarter. Orion Portfolio Solutions LLC now owns 76,410 shares of the medical technology company’s stock worth $6,104,000 after acquiring an additional 3,182 shares during the last quarter. Finally, Level Four Advisory Services LLC boosted its position in shares of Medtronic by 0.8% in the fourth quarter. Level Four Advisory Services LLC now owns 40,982 shares of the medical technology company’s stock worth $3,274,000 after acquiring an additional 325 shares during the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Price Performance

NYSE MDT opened at $92.91 on Friday. The stock’s 50-day moving average price is $87.04 and its two-hundred day moving average price is $87.56. 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 company has a market cap of $119.16 billion, a PE ratio of 25.66, a PEG ratio of 2.41 and a beta of 0.80. Medtronic PLC has a 1 year low of $78.32 and a 1 year high of $96.25.

Medtronic (NYSE:MDT) last announced its quarterly earnings results 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. The business had revenue of $8.93 billion during the quarter, compared to analysts’ expectations of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The firm’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.46 EPS. On average, analysts predict that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were given a dividend of $0.71 per share. The ex-dividend date was Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.06%. This is a boost from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio is presently 78.45%.

Wall Street Analysts Forecast Growth

MDT has been the topic of several research analyst reports. Leerink Partners started coverage on shares of Medtronic in a research report on Monday, June 16th. They issued an “outperform” rating and a $110.00 target price on the stock. Mizuho raised their price target on shares of Medtronic from $98.00 to $100.00 and gave the company an “outperform” rating in a report on Wednesday, July 16th. Wolfe Research upgraded shares of Medtronic from an “underperform” rating to a “peer perform” rating in a report on Monday, June 30th. Truist Financial cut their price target on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a report on Friday, April 11th. Finally, Royal Bank Of Canada dropped their price target 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. Eleven analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $98.19.

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.