Goelzer Investment Management Inc. Sells 1,717 Shares of Medtronic plc (NYSE:MDT)

Goelzer Investment Management Inc. lessened its stake in shares of Medtronic plc (NYSE:MDT) by 2.3% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 72,468 shares of the medical technology company’s stock after selling 1,717 shares during the period. Goelzer Investment Management Inc.’s holdings in Medtronic were worth $6,524,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. LifeSteps Financial Inc. bought a new position in Medtronic during the first quarter valued at $27,000. Lynx Investment Advisory purchased a new position in Medtronic in the second quarter worth about $28,000. Tributary Capital Management LLC purchased a new position in Medtronic in the first quarter worth about $33,000. Fortis Group Advisors LLC increased its stake in Medtronic by 100.0% during the fourth 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 purchased a new stake in Medtronic during the first quarter valued at approximately $39,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Up 0.6 %

NYSE:MDT traded up $0.49 during mid-day trading on Friday, hitting $88.26. 3,598,594 shares of the company’s stock traded hands, compared to its average volume of 6,355,535. The company has a fifty day moving average of $86.77 and a 200 day moving average of $83.30. 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 twelve month low of $68.84 and a twelve month high of $91.49. The company has a market capitalization of $113.17 billion, a P/E ratio of 32.09, a P/E/G ratio of 2.56 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. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same period last year, the firm posted $1.20 EPS. Medtronic’s revenue was up 3.4% on a year-over-year basis. On average, analysts forecast that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The company 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 dividend of $0.70 per share. The ex-dividend date is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.17%. Medtronic’s dividend payout ratio is currently 101.82%.

Analysts Set New Price Targets

Several research firms have commented on MDT. Wells Fargo & Company lifted their price objective on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Truist Financial upped their price target on shares of Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a report on Friday, August 23rd. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Stifel Nicolaus upped their target price on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Finally, Citigroup increased their price target on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $94.21.

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.