High Note Wealth LLC Lowers Position in Medtronic plc (NYSE:MDT)

High Note Wealth LLC decreased its holdings in shares of Medtronic plc (NYSE:MDT) by 4.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,623 shares of the medical technology company’s stock after selling 236 shares during the period. High Note Wealth LLC’s holdings in Medtronic were worth $506,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Lynx Investment Advisory purchased a new position in shares of Medtronic during the 2nd quarter valued at approximately $28,000. Tributary Capital Management LLC acquired a new position in Medtronic in the 1st quarter valued at $33,000. Riverview Trust Co acquired a new position in Medtronic in the 1st quarter valued at $39,000. Fortis Group Advisors LLC raised its stake in Medtronic by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after purchasing an additional 230 shares during the last quarter. Finally, Gleason Group Inc. acquired a new position in Medtronic in the 2nd quarter valued at $42,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

NYSE MDT opened at $88.35 on Thursday. The stock has a market cap of $113.28 billion, a PE ratio of 32.13, a P/E/G ratio of 2.56 and a beta of 0.84. 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 twelve month low of $68.84 and a twelve month high of $91.49. The stock has a fifty day simple moving average of $87.06 and a 200-day simple moving average of $83.35.

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

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors 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 3.17%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is 101.82%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MDT. Oppenheimer increased their price objective on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. 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 price objective on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Stifel Nicolaus raised their target price on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Finally, Royal Bank of Canada raised their target price on Medtronic from $92.00 to $98.00 and gave the stock a “sector perform” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and a consensus price target of $94.64.

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.