Brighton Jones LLC Reduces Stock Position in Medtronic plc (NYSE:MDT)

Brighton Jones LLC lowered its stake in Medtronic plc (NYSE:MDT) by 6.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,858 shares of the medical technology company’s stock after selling 696 shares during the quarter. Brighton Jones LLC’s holdings in Medtronic were worth $776,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the company. LifeSteps Financial Inc. purchased a new stake in Medtronic in the 1st quarter worth approximately $27,000. Lynx Investment Advisory purchased a new stake in shares of Medtronic in the 2nd quarter valued at $28,000. Tributary Capital Management LLC bought a new position in shares of Medtronic during the first quarter valued at about $33,000. Fortis Group Advisors LLC grew its position in Medtronic by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after acquiring an additional 230 shares during the last quarter. Finally, Riverview Trust Co bought a new position in shares of Medtronic in the first quarter worth approximately $39,000. 82.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on MDT. Wells Fargo & Company raised their target price on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Truist Financial lifted their price objective on Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research report on Friday, August 23rd. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and increased their price objective for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. Finally, Daiwa America raised shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Medtronic currently has an average rating of “Hold” and a consensus target price of $92.92.

Medtronic Stock Down 0.1 %

Shares of Medtronic stock opened at $89.34 on Friday. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.49. The company has a market cap of $114.56 billion, a price-to-earnings ratio of 32.49, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. The company’s 50 day moving average is $84.77 and its 200 day moving average is $82.97.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same period in the prior year, the business posted $1.20 EPS. Medtronic’s revenue was up 3.4% on a year-over-year basis. Research analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be given a dividend of $0.70 per share. The ex-dividend date is Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.13%. Medtronic’s payout ratio is 101.82%.

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.