Xponance Inc. Reduces Position in Medtronic plc (NYSE:MDT)

Xponance Inc. trimmed its holdings in Medtronic plc (NYSE:MDT) by 2.1% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 184,660 shares of the medical technology company’s stock after selling 3,982 shares during the period. Xponance Inc.’s holdings in Medtronic were worth $14,535,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in MDT. LifeSteps Financial Inc. purchased a new stake in shares of Medtronic in the 1st quarter worth about $27,000. Lynx Investment Advisory purchased a new stake in shares of Medtronic in the second quarter valued at about $28,000. Tributary Capital Management LLC acquired a new stake in shares of Medtronic in the first quarter valued at approximately $33,000. Fortis Group Advisors LLC increased its stake 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 worth $38,000 after purchasing an additional 230 shares in the last quarter. Finally, Riverview Trust Co acquired a new position in shares of Medtronic during the 1st quarter worth approximately $39,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Trading Up 0.6 %

Medtronic stock opened at $89.86 on Tuesday. The firm has a 50-day moving average price of $85.03 and a two-hundred day moving average price of $82.99. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $91.49. The firm has a market capitalization of $115.22 billion, a price-to-earnings ratio of 32.68, a PEG ratio of 2.57 and a beta of 0.84. 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 issued its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The company had revenue of $7.97 billion during the quarter, compared to the consensus estimate 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 in the prior year, the company earned $1.20 EPS. Sell-side analysts expect 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. Stockholders of record on Friday, September 27th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.12%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio is currently 101.82%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Wells Fargo & Company raised their price target on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. The Goldman Sachs Group started coverage on shares of Medtronic in a research report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price objective for the company. Truist Financial lifted their target price on shares of Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a report on Friday, August 23rd. Barclays increased their price target on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Finally, UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $92.92.

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.