DRW Securities LLC Sells 2,616 Shares of Medtronic plc (NYSE:MDT)

DRW Securities LLC lessened its stake in shares of Medtronic plc (NYSE:MDT) by 35.4% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,776 shares of the medical technology company’s stock after selling 2,616 shares during the quarter. DRW Securities LLC’s holdings in Medtronic were worth $376,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Chemung Canal Trust Co. grew its holdings in Medtronic by 1,467.5% in the 1st quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock worth $4,175,000 after acquiring an additional 44,846 shares during the last quarter. Manning & Napier Advisors LLC purchased a new position in Medtronic during the 2nd quarter valued at about $25,643,000. TD Asset Management Inc raised its position in Medtronic by 4.3% during the 4th quarter. TD Asset Management Inc now owns 1,034,214 shares of the medical technology company’s stock valued at $85,199,000 after purchasing an additional 42,988 shares during the last quarter. SageView Advisory Group LLC lifted its holdings in Medtronic by 130.3% in the 1st quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock worth $1,467,000 after buying an additional 9,523 shares during the period. Finally, Camden National Bank grew its position in shares of Medtronic by 98.7% in the 4th quarter. Camden National Bank now owns 120,054 shares of the medical technology company’s stock worth $9,890,000 after buying an additional 59,625 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of MDT opened at $89.86 on Tuesday. Medtronic plc has a one year low of $68.84 and a one year high of $91.49. The business has a fifty day moving average of $85.03 and a 200 day moving average of $82.99. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The firm has a market capitalization of $115.22 billion, a P/E ratio of 32.68, a PEG ratio of 2.57 and a beta of 0.84.

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

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be given a $0.70 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.12%. Medtronic’s payout ratio is presently 101.82%.

Analyst Ratings Changes

MDT has been the topic of a number of research reports. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Wells Fargo & Company raised their price objective on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Citigroup dropped their target price on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Piper Sandler raised their target price on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Finally, Truist Financial boosted their target price on Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a report on Friday, August 23rd. One investment 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. Based on data from MarketBeat.com, Medtronic currently has an average rating of “Hold” and a consensus price target of $92.92.

About Medtronic

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.