Medtronic plc (NYSE:MDT) Shares Sold by Park Place Capital Corp

Park Place Capital Corp lessened its stake in shares of Medtronic plc (NYSE:MDT) by 57.3% in the third quarter, according to its most recent filing with the SEC. The fund owned 1,111 shares of the medical technology company’s stock after selling 1,492 shares during the period. Park Place Capital Corp’s holdings in Medtronic were worth $100,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Capital Research Global Investors lifted its position in shares of Medtronic by 7.1% during the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock valued at $2,691,577,000 after acquiring an additional 2,044,109 shares during the last quarter. Pzena Investment Management LLC raised its stake in Medtronic by 8.3% during the 2nd quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock valued at $653,854,000 after purchasing an additional 637,931 shares during the period. Dimensional Fund Advisors LP raised its stake in Medtronic by 7.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock valued at $560,494,000 after purchasing an additional 515,751 shares during the period. Longview Partners Guernsey LTD raised its stake in Medtronic by 2.3% during the 1st quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company’s stock valued at $578,245,000 after purchasing an additional 147,737 shares during the period. Finally, Raymond James & Associates raised its stake in Medtronic by 5.7% during the 2nd quarter. Raymond James & Associates now owns 6,246,361 shares of the medical technology company’s stock valued at $491,651,000 after purchasing an additional 336,618 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Trading Up 1.3 %

Shares of NYSE:MDT opened at $88.14 on Wednesday. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.49. The firm has a fifty day moving average price of $86.91 and a 200 day moving average price of $83.31. The stock has a market capitalization of $113.02 billion, a PE ratio of 32.05, a P/E/G ratio of 2.56 and a beta of 0.84.

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

Medtronic Dividend Announcement

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 issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is 101.82%.

Wall Street Analysts Forecast Growth

MDT has been the topic of several recent analyst reports. Truist Financial boosted their target price on shares of Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research note on Friday, August 23rd. Evercore ISI boosted their target price on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Barclays boosted their target price on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Robert W. Baird upped their price target on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Finally, Piper Sandler upped their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. One 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 stock. According to data from MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and an average target price 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.