Medtronic plc (NYSE:MDT) Shares Sold by Palouse Capital Management Inc.

Palouse Capital Management Inc. cut its position in shares of Medtronic plc (NYSE:MDT) by 1.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,199 shares of the medical technology company’s stock after selling 425 shares during the quarter. Palouse Capital Management Inc.’s holdings in Medtronic were worth $2,062,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. LifeSteps Financial Inc. acquired a new stake in Medtronic during the 1st quarter worth approximately $27,000. Lynx Investment Advisory acquired a new stake in shares of Medtronic in the second quarter worth $28,000. Tributary Capital Management LLC purchased a new position in shares of Medtronic in the 1st quarter valued at $33,000. Fortis Group Advisors LLC lifted its holdings in shares of Medtronic by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after acquiring an additional 230 shares in the last quarter. Finally, Riverview Trust Co purchased a new stake in Medtronic during the 1st quarter worth $39,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on MDT shares. Daiwa America upgraded Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Piper Sandler boosted their price target on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and increased their price objective for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. Truist Financial upped 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. Finally, Citigroup dropped their price target on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $92.92.

Medtronic Trading Down 0.6 %

Shares of NYSE MDT opened at $88.13 on Thursday. The stock has a market capitalization of $113.01 billion, a P/E ratio of 32.05, a PEG ratio of 2.57 and a beta of 0.84. The stock’s 50 day moving average price is $84.32 and its two-hundred day moving average price is $82.91. 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 plc has a 52-week low of $68.84 and a 52-week high of $91.49.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion for 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 revenue for the quarter was up 3.4% on a year-over-year basis. During the same period last year, the business posted $1.20 earnings per share. On average, analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

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

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.