Financial Advisory Partners LLC Sells 827 Shares of Medtronic plc (NYSE:MDT)

Financial Advisory Partners LLC lowered its position in Medtronic plc (NYSE:MDT) by 2.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 38,363 shares of the medical technology company’s stock after selling 827 shares during the period. Financial Advisory Partners LLC’s holdings in Medtronic were worth $3,454,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in MDT. M&G Plc bought a new stake in Medtronic in the first quarter worth about $259,160,000. Capital Research Global Investors lifted its position in shares of Medtronic by 7.1% in the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after purchasing an additional 2,044,109 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Medtronic by 1,195.9% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock valued at $144,637,000 after purchasing an additional 1,695,800 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in Medtronic by 145.4% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,372,641 shares of the medical technology company’s stock valued at $195,431,000 after buying an additional 1,405,978 shares during the period. Finally, Troy Asset Management Ltd bought a new position in Medtronic in the second quarter worth approximately $85,440,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

MDT traded up $0.74 during midday trading on Thursday, hitting $89.09. 921,246 shares of the company traded hands, compared to its average volume of 6,286,874. 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 capitalization of $114.24 billion, a price-to-earnings ratio of 32.13, a PEG ratio of 2.56 and a beta of 0.84. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $91.49. The business has a 50 day simple moving average of $87.22 and a two-hundred day simple moving average of $83.38.

Medtronic (NYSE:MDT) last issued its 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. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same period in the prior year, the business earned $1.20 earnings per share. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. On average, equities analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.14%. The ex-dividend date is Friday, September 27th. Medtronic’s payout ratio is 101.82%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on MDT shares. Wells Fargo & Company lifted their price target on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Piper Sandler raised their price target on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Evercore ISI lifted their price target on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Finally, Barclays raised 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. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Medtronic has an average rating of “Hold” and a consensus target price of $95.14.

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.