Legacy Financial Advisors Inc. Sells 149 Shares of Medtronic plc (NYSE:MDT)

Legacy Financial Advisors Inc. trimmed its stake in Medtronic plc (NYSE:MDT) by 1.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,190 shares of the medical technology company’s stock after selling 149 shares during the quarter. Legacy Financial Advisors Inc.’s holdings in Medtronic were worth $1,038,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of MDT. Ensign Peak Advisors Inc lifted its stake in Medtronic by 5.9% during the 2nd quarter. Ensign Peak Advisors Inc now owns 388,629 shares of the medical technology company’s stock valued at $30,589,000 after acquiring an additional 21,545 shares during the period. Summit Trail Advisors LLC raised its position in Medtronic by 1.2% in the second quarter. Summit Trail Advisors LLC now owns 14,812 shares of the medical technology company’s stock worth $1,176,000 after acquiring an additional 169 shares during the period. Capstone Triton Financial Group LLC raised its holdings in Medtronic by 5.8% in the 2nd quarter. Capstone Triton Financial Group LLC now owns 9,948 shares of the medical technology company’s stock worth $783,000 after purchasing an additional 549 shares during the period. Boston Research & Management Inc. lifted its position in shares of Medtronic by 1.2% during the 2nd quarter. Boston Research & Management Inc. now owns 48,487 shares of the medical technology company’s stock valued at $3,816,000 after buying an additional 587 shares in the last quarter. Finally, Pacer Advisors Inc. boosted its position in shares of Medtronic by 37.6% in the second quarter. Pacer Advisors Inc. now owns 124,197 shares of the medical technology company’s stock worth $9,776,000 after purchasing an additional 33,959 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MDT has been the subject of several research analyst reports. Barclays increased their target price on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Truist Financial upped their price objective on Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research report on Friday, August 23rd. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. Finally, UBS Group raised 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 note on Thursday, August 15th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $92.92.

Medtronic Stock Performance

MDT stock opened at $89.35 on Friday. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.49. The business has a 50-day moving average price of $84.77 and a 200 day moving average price of $82.99. The company has a market capitalization of $114.57 billion, a P/E ratio of 32.49, a PEG ratio of 2.57 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same quarter in the previous year, the business posted $1.20 EPS. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. As a group, equities research analysts forecast that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

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 issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.13%. Medtronic’s dividend payout ratio 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.