Royal Capital Wealth Management LLC Decreases Holdings in Medtronic plc (NYSE:MDT)

Royal Capital Wealth Management LLC reduced its stake in Medtronic plc (NYSE:MDT) by 18.9% during the second quarter, according to its most recent filing with the SEC. The fund owned 3,106 shares of the medical technology company’s stock after selling 726 shares during the quarter. Royal Capital Wealth Management LLC’s holdings in Medtronic were worth $244,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. LifeSteps Financial Inc. purchased a new stake in shares of Medtronic during the 1st quarter worth approximately $27,000. Lynx Investment Advisory purchased a new stake in Medtronic in the second quarter worth $28,000. Tributary Capital Management LLC bought a new stake in shares of Medtronic in the first quarter valued at $33,000. Riverview Trust Co purchased a new position in shares of Medtronic during the 1st quarter valued at $39,000. Finally, Fortis Group Advisors LLC grew its stake in shares of 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 period. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

NYSE:MDT opened at $89.76 on Wednesday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.49. The firm has a market cap of $115.12 billion, a PE ratio of 32.64, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84. The business has a 50 day moving average price of $85.26 and a 200-day moving average price of $83.02.

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

Medtronic Announces Dividend

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

Wall Street Analyst Weigh In

Several research firms have commented on MDT. Piper Sandler upped their price objective on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. The Goldman Sachs Group started coverage on shares of Medtronic in a research note on Thursday, May 30th. They set a “sell” rating and a $83.00 price target on the stock. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. Truist Financial upped their price target on Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research report on Friday, August 23rd. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and an average 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.