Brightwater Advisory LLC Cuts Stake in Medtronic plc (NYSE:MDT)

Brightwater Advisory LLC reduced its position in shares of Medtronic plc (NYSE:MDT) by 74.8% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 644 shares of the medical technology company’s stock after selling 1,913 shares during the quarter. Brightwater Advisory LLC’s holdings in Medtronic were worth $58,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in MDT. Lynx Investment Advisory bought a new position in Medtronic during the 2nd quarter valued at about $28,000. Tributary Capital Management LLC bought a new position in Medtronic during the first quarter valued at approximately $33,000. Fortis Group Advisors LLC boosted its holdings in 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 purchasing an additional 230 shares during the last quarter. Riverview Trust Co bought a new stake in Medtronic in the 1st quarter worth approximately $39,000. Finally, Gleason Group Inc. purchased a new stake in Medtronic during the 2nd quarter valued at $42,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Down 0.2 %

Shares of NYSE MDT traded down $0.22 during midday trading on Wednesday, reaching $87.92. 696,203 shares of the company’s stock traded hands, compared to its average volume of 6,303,813. The company has a market cap of $112.74 billion, a price-to-earnings ratio of 32.05, a P/E/G ratio of 2.56 and a beta of 0.84. Medtronic plc has a one year low of $68.84 and a one year high of $91.49. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The stock’s 50 day simple moving average is $87.06 and its 200-day simple moving average is $83.35.

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

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.18%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio is currently 101.82%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on MDT shares. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. Evercore ISI raised their price objective on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Oppenheimer upped their price objective on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. Robert W. Baird boosted their price target on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Finally, Citigroup lifted their price objective on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $94.64.

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.