Medtronic plc (NYSE:MDT) Stake Cut by New England Research & Management Inc.

New England Research & Management Inc. cut its holdings in Medtronic plc (NYSE:MDT) by 9.4% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 14,527 shares of the medical technology company’s stock after selling 1,510 shares during the period. New England Research & Management Inc.’s holdings in Medtronic were worth $1,308,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of MDT. Capital Research Global Investors boosted its stake in 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 valued at $2,691,577,000 after acquiring an additional 2,044,109 shares during the period. Pzena Investment Management LLC grew its stake in Medtronic by 8.3% during the 2nd quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock worth $653,854,000 after buying an additional 637,931 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Medtronic by 7.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock worth $560,494,000 after buying an additional 515,751 shares during the last quarter. Longview Partners Guernsey LTD increased its position in 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 buying an additional 147,737 shares during the period. Finally, Raymond James & Associates lifted its stake in Medtronic by 5.7% in the second quarter. Raymond James & Associates now owns 6,246,361 shares of the medical technology company’s stock valued at $491,651,000 after buying an additional 336,618 shares during the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Price Performance

Medtronic stock traded down $1.22 during mid-day trading on Monday, hitting $87.04. The company’s stock had a trading volume of 3,644,046 shares, compared to its average volume of 6,342,263. The stock has a market capitalization of $111.61 billion, a P/E ratio of 31.65, a P/E/G ratio of 2.56 and a beta of 0.84. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.49. The stock’s fifty day moving average price is $86.77 and its two-hundred day moving average price is $83.28. 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 earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. During the same period in the previous year, the firm posted $1.20 EPS. The company’s quarterly revenue was up 3.4% on a year-over-year basis. Research analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio is 101.82%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Truist Financial increased their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a report on Friday, August 23rd. Stifel Nicolaus lifted 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 boosted their price objective on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Citigroup boosted their price target on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. Finally, Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. One equities 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 issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price 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.