Harbor Investment Advisory LLC Reduces Stock Position in Medtronic plc (NYSE:MDT)

Harbor Investment Advisory LLC cut its stake in Medtronic plc (NYSE:MDT) by 2.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,567 shares of the medical technology company’s stock after selling 306 shares during the period. Harbor Investment Advisory LLC’s holdings in Medtronic were worth $1,131,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in MDT. J. W. Coons Advisors LLC acquired a new position in Medtronic in the fourth quarter valued at approximately $210,000. Waterloo Capital L.P. acquired a new position in Medtronic during the fourth quarter worth $546,000. Westwood Holdings Group Inc. lifted its stake in Medtronic by 13.2% during the fourth quarter. Westwood Holdings Group Inc. now owns 136,671 shares of the medical technology company’s stock worth $11,259,000 after purchasing an additional 15,969 shares in the last quarter. Natixis Investment Managers International lifted its stake in Medtronic by 32.8% during the fourth quarter. Natixis Investment Managers International now owns 1,681 shares of the medical technology company’s stock worth $138,000 after purchasing an additional 415 shares in the last quarter. Finally, Sei Investments Co. lifted its stake in Medtronic by 1.1% during the fourth quarter. Sei Investments Co. now owns 1,118,894 shares of the medical technology company’s stock worth $92,175,000 after purchasing an additional 12,692 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of MDT stock opened at $88.26 on Friday. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.49. The firm has a market cap of $113.17 billion, a price-to-earnings ratio of 32.09, a PEG ratio of 2.56 and a beta of 0.84. The stock’s 50-day moving average is $86.77 and its two-hundred day moving average is $83.29. 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 (NYSE:MDT) last announced its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.03. The business had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.20 earnings per share. Analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors 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 dividend on an annualized basis and a yield of 3.17%. Medtronic’s payout ratio is currently 101.82%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on MDT shares. Citigroup increased their price objective on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. Piper Sandler increased their price objective on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Barclays increased their target price on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Truist Financial increased their target price on Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a report on Friday, August 23rd. Finally, Oppenheimer increased their target price on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a 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 assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $94.21.

Medtronic Company 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.