Intech Investment Management LLC Sells 9,510 Shares of Medtronic plc (NYSE:MDT)

Intech Investment Management LLC decreased its position in shares of Medtronic plc (NYSE:MDT) by 34.8% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 17,811 shares of the medical technology company’s stock after selling 9,510 shares during the quarter. Intech Investment Management LLC’s holdings in Medtronic were worth $1,402,000 at the end of the most recent quarter.

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

Medtronic Stock Down 0.1 %

Shares of NYSE:MDT opened at $89.76 on Wednesday. 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 business has a 50 day simple moving average of $85.26 and a two-hundred day simple moving average of $83.02. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.49. The firm has a market capitalization of $115.10 billion, a PE ratio of 32.64, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings data 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. The company had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. Medtronic’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.20 EPS. On average, equities analysts predict that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The business also recently disclosed 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 dividend payout ratio (DPR) is 101.82%.

Analyst Ratings Changes

A number of analysts have issued reports on MDT shares. Stifel Nicolaus lifted their price target on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. Citigroup decreased their target price on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Piper Sandler lifted their price objective on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Oppenheimer increased their target price on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report on Wednesday, August 21st. Finally, Wells Fargo & Company boosted their price target on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and a consensus price target of $92.92.

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.