B. Riley Wealth Advisors Inc. Reduces Position in Medtronic plc (NYSE:MDT)

B. Riley Wealth Advisors Inc. reduced its position in Medtronic plc (NYSE:MDT) by 18.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 32,863 shares of the medical technology company’s stock after selling 7,605 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Medtronic were worth $2,610,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Capital Research Global Investors raised its holdings in shares of Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after buying an additional 2,044,109 shares during the period. Pzena Investment Management LLC lifted its position in shares of Medtronic by 8.3% during the second quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock worth $653,854,000 after purchasing an additional 637,931 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Medtronic by 7.8% during the second quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock valued at $560,494,000 after purchasing an additional 515,751 shares during the period. Longview Partners Guernsey LTD grew its holdings in shares of Medtronic by 2.3% in the first quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company’s stock worth $578,245,000 after purchasing an additional 147,737 shares during the last quarter. Finally, Raymond James & Associates increased its stake in Medtronic by 5.7% in the 2nd quarter. Raymond James & Associates now owns 6,246,361 shares of the medical technology company’s stock worth $491,651,000 after buying an additional 336,618 shares during the period. Institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on MDT. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, August 21st. Evercore ISI lifted their target price on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and upped their target price for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Finally, Stifel Nicolaus raised their price target on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $94.21.

Medtronic Stock Performance

Shares of MDT stock opened at $89.99 on Wednesday. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $91.49. The business’s fifty day simple moving average is $86.21 and its 200-day simple moving average is $83.19. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The company has a market cap of $115.39 billion, a PE ratio of 32.72, a PEG ratio of 2.56 and a beta of 0.84.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS 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 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 was up 3.4% compared to the same quarter last year. During the same period last year, the business posted $1.20 earnings per share. Analysts expect 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. Shareholders of record on Friday, September 27th will be paid a dividend of $0.70 per share. The ex-dividend date is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.11%. Medtronic’s payout ratio is 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.