Exchange Traded Concepts LLC Sells 110,756 Shares of Medtronic plc (NYSE:MDT)

Exchange Traded Concepts LLC decreased its position in Medtronic plc (NYSE:MDT) by 98.4% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,748 shares of the medical technology company’s stock after selling 110,756 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Medtronic were worth $157,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of MDT. Lynx Investment Advisory bought a new position in shares of Medtronic in the second quarter worth about $28,000. Tributary Capital Management LLC bought a new position in shares of Medtronic in the first quarter worth about $33,000. Riverview Trust Co bought a new position in shares of Medtronic in the first quarter worth about $39,000. Gleason Group Inc. bought a new position in shares of Medtronic in the second quarter worth about $42,000. Finally, Opal Wealth Advisors LLC bought a new position in shares of Medtronic in the second quarter worth about $43,000. Institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

MDT has been the topic of several recent analyst reports. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Citigroup lifted their target price on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. Truist Financial lifted their target price on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday, October 14th. Oppenheimer lifted their target price on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. Finally, Barclays raised 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. One research analyst has rated the stock with a sell rating, eight have given 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.com, Medtronic presently has a consensus rating of “Hold” and a consensus target price of $95.36.

Medtronic Stock Performance

NYSE MDT opened at $91.05 on Tuesday. The company has a market cap of $116.75 billion, a P/E ratio of 33.11, a P/E/G ratio of 2.53 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The business’s 50 day moving average price is $88.65 and its 200-day moving average price is $83.63. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $92.25.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.20 by $0.03. The company had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. Medtronic’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.20 EPS. Sell-side analysts predict that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.08%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 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.