Profund Advisors LLC Has $1.59 Million Stock Position in Medtronic plc (NYSE:MDT)

Profund Advisors LLC cut its holdings in shares of Medtronic plc (NYSE:MDT) by 0.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 20,181 shares of the medical technology company’s stock after selling 158 shares during the period. Profund Advisors LLC’s holdings in Medtronic were worth $1,588,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the business. LifeSteps Financial Inc. acquired a new stake in shares of Medtronic during the first quarter worth $27,000. Lynx Investment Advisory acquired a new position in shares of Medtronic in the 2nd quarter valued at approximately $28,000. Tributary Capital Management LLC bought a new stake in Medtronic during the 1st quarter worth approximately $33,000. Fortis Group Advisors LLC lifted its stake in Medtronic by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after buying an additional 230 shares in the last quarter. Finally, Riverview Trust Co acquired a new position in shares of Medtronic in the first quarter valued at approximately $39,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on MDT shares. Stifel Nicolaus upped their target price on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research report on Wednesday, August 21st. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and increased their target price for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Piper Sandler boosted their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Finally, The Goldman Sachs Group started coverage on Medtronic in a research report on Thursday, May 30th. They set a “sell” rating and a $83.00 price target for the company. One analyst has rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $92.92.

Medtronic Stock Performance

NYSE MDT opened at $89.86 on Tuesday. The stock has a market cap of $115.22 billion, a PE ratio of 32.68, a PEG ratio of 2.57 and a beta of 0.84. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.49. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The firm’s fifty day moving average price is $85.03 and its two-hundred day moving average price is $82.99.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating 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 company had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same quarter in the prior year, the company earned $1.20 EPS. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. On average, equities analysts expect that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced 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. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio is currently 101.82%.

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.