Northstar Group Inc. Sells 131 Shares of Medtronic plc (NYSE:MDT)

Northstar Group Inc. reduced its position in Medtronic plc (NYSE:MDT) by 4.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,540 shares of the medical technology company’s stock after selling 131 shares during the period. Northstar Group Inc.’s holdings in Medtronic were worth $229,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MDT. Jacobi Capital Management LLC lifted its position in Medtronic by 7.7% during the fourth quarter. Jacobi Capital Management LLC now owns 18,171 shares of the medical technology company’s stock valued at $1,497,000 after purchasing an additional 1,292 shares during the period. Concentric Wealth Management LLC grew its holdings in shares of Medtronic by 8.6% in the fourth quarter. Concentric Wealth Management LLC now owns 28,693 shares of the medical technology company’s stock worth $2,364,000 after acquiring an additional 2,280 shares during the period. Clear Street Markets LLC bought a new position in Medtronic in the fourth quarter valued at about $1,260,000. BlueCrest Capital Management Ltd lifted its holdings in Medtronic by 156.5% in the fourth quarter. BlueCrest Capital Management Ltd now owns 11,450 shares of the medical technology company’s stock valued at $943,000 after acquiring an additional 31,727 shares during the period. Finally, Boyar Asset Management Inc. boosted its position in Medtronic by 2.6% in the fourth quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock worth $383,000 after purchasing an additional 120 shares during the last quarter. 82.06% of the stock is owned by institutional investors.

Medtronic Price Performance

Medtronic stock traded up $0.91 during mid-day trading on Thursday, reaching $89.26. 318,375 shares of the company’s stock traded hands, compared to its average volume of 6,284,478. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $91.49. The company has a market cap of $114.46 billion, a price-to-earnings ratio of 32.13, a PEG ratio of 2.56 and a beta of 0.84. The stock has a 50 day moving average of $87.22 and a two-hundred day moving average of $83.38. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last announced its quarterly 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 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 the consensus estimate of $7.90 billion. During the same quarter last year, the firm earned $1.20 EPS. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. Equities analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently declared 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 is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.14%. Medtronic’s dividend payout ratio is presently 101.82%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on MDT shares. Robert W. Baird increased their price objective 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. Citigroup lifted their price target on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note 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. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and lifted their target price for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. Finally, Barclays raised their target price on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and a consensus price target of $95.14.

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.