Medtronic plc (NYSE:MDT) Shares Sold by SYSTM Wealth Solutions LLC

SYSTM Wealth Solutions LLC trimmed its position in Medtronic plc (NYSE:MDT) by 76.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,255 shares of the medical technology company’s stock after selling 20,651 shares during the quarter. SYSTM Wealth Solutions LLC’s holdings in Medtronic were worth $494,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Chemung Canal Trust Co. grew its position in Medtronic by 1,467.5% in the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock worth $4,175,000 after acquiring an additional 44,846 shares during the period. Manning & Napier Advisors LLC acquired a new stake in shares of Medtronic during the 2nd quarter worth about $25,643,000. TD Asset Management Inc increased its position in shares of Medtronic by 4.3% during the 4th quarter. TD Asset Management Inc now owns 1,034,214 shares of the medical technology company’s stock worth $85,199,000 after purchasing an additional 42,988 shares during the last quarter. SageView Advisory Group LLC raised its holdings in Medtronic by 130.3% in the 1st quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock valued at $1,467,000 after buying an additional 9,523 shares during the period. Finally, Camden National Bank lifted its position in Medtronic by 98.7% in the fourth quarter. Camden National Bank now owns 120,054 shares of the medical technology company’s stock valued at $9,890,000 after buying an additional 59,625 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. Wells Fargo & Company lifted their target price on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Barclays boosted their target price on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and raised their price target for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $92.92.

Medtronic Stock Performance

Shares of MDT opened at $88.13 on Thursday. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.49. The stock has a market capitalization of $113.01 billion, a PE ratio of 32.05, a PEG ratio of 2.57 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The stock has a 50-day simple moving average of $84.32 and a 200-day simple moving average of $82.91.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $7.90 billion. During the same quarter in the previous year, the firm earned $1.20 earnings per share. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. On average, analysts predict that Medtronic plc will post 5.46 earnings per share 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 issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.18%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

About Medtronic

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.