Magnetar Financial LLC Reduces Stock Holdings in Medtronic plc (NYSE:MDT)

Magnetar Financial LLC cut its stake in Medtronic plc (NYSE:MDT) by 86.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 191,814 shares of the medical technology company’s stock after selling 1,202,788 shares during the quarter. Magnetar Financial LLC’s holdings in Medtronic were worth $15,098,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Gryphon Financial Partners LLC purchased a new stake in Medtronic in the 4th quarter worth about $220,000. Cambridge Investment Research Advisors Inc. boosted its holdings in Medtronic by 4.1% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 192,382 shares of the medical technology company’s stock valued at $15,848,000 after acquiring an additional 7,543 shares during the period. SageView Advisory Group LLC increased its stake in Medtronic by 59.3% in the fourth quarter. SageView Advisory Group LLC now owns 7,306 shares of the medical technology company’s stock worth $635,000 after purchasing an additional 2,721 shares during the period. Team Hewins LLC bought a new stake in shares of Medtronic during the fourth quarter worth $202,000. Finally, Skopos Labs Inc. purchased a new stake in shares of Medtronic during the fourth quarter valued at $252,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Truist Financial raised their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. Stifel Nicolaus boosted their price target on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. Barclays raised their price objective on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Piper Sandler upped their target price on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research note on Wednesday, August 21st. 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 given a strong buy rating to the stock. According to data from MarketBeat, Medtronic presently has an average rating of “Hold” and an average target price of $92.92.

Medtronic Trading Down 0.1 %

Shares of NYSE:MDT opened at $89.34 on Monday. The business’s 50-day moving average is $84.77 and its 200 day moving average is $82.96. 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 plc has a 1 year low of $68.84 and a 1 year high of $91.49. The firm has a market capitalization of $114.56 billion, a P/E ratio of 32.49, a P/E/G ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings data 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. The firm had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. Medtronic’s revenue was up 3.4% on a year-over-year basis. During the same period last year, the firm posted $1.20 EPS. On average, research analysts predict that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.13%. Medtronic’s dividend payout ratio is currently 101.82%.

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.