Red Spruce Capital LLC Decreases Stake in Medtronic plc (NYSE:MDT)

Red Spruce Capital LLC lessened its stake in shares of Medtronic plc (NYSE:MDT) by 1.2% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 19,000 shares of the medical technology company’s stock after selling 226 shares during the quarter. Red Spruce Capital LLC’s holdings in Medtronic were worth $1,711,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Handelsbanken Fonder AB grew its holdings in Medtronic by 3.8% in the 3rd quarter. Handelsbanken Fonder AB now owns 568,985 shares of the medical technology company’s stock worth $51,226,000 after acquiring an additional 20,701 shares during the last quarter. Cullen Investment Group LTD. grew its stake in shares of Medtronic by 1.4% in the third quarter. Cullen Investment Group LTD. now owns 74,054 shares of the medical technology company’s stock worth $6,667,000 after purchasing an additional 1,024 shares during the last quarter. Burns J W & Co. Inc. NY purchased a new position in Medtronic during the 3rd quarter valued at about $227,000. Quent Capital LLC raised its position in Medtronic by 14.1% during the 3rd quarter. Quent Capital LLC now owns 2,033 shares of the medical technology company’s stock valued at $183,000 after purchasing an additional 252 shares during the last quarter. Finally, Central Valley Advisors LLC lifted its holdings in Medtronic by 3.7% in the 3rd quarter. Central Valley Advisors LLC now owns 14,777 shares of the medical technology company’s stock worth $1,330,000 after buying an additional 521 shares during the period. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Up 0.6 %

MDT stock traded up $0.49 during trading on Friday, hitting $88.26. 3,598,594 shares of the stock traded hands, compared to its average volume of 6,355,535. The stock has a market cap of $113.17 billion, a price-to-earnings ratio of 32.09, a price-to-earnings-growth ratio of 2.56 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 plc has a 1 year low of $68.84 and a 1 year high of $91.49. The firm’s 50 day moving average is $86.77 and its two-hundred day moving average is $83.29.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same period in the previous year, the business earned $1.20 EPS. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, sell-side analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The business also recently announced 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. This represents a $2.80 annualized dividend and a yield of 3.17%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio is currently 101.82%.

Analyst Ratings Changes

MDT has been the subject of a number of research analyst reports. Daiwa America raised Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Oppenheimer raised their target price on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a report on Wednesday, August 21st. Finally, Wells Fargo & Company upped their target price on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $94.21.

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.