Strategic Advisors LLC Decreases Stake in Medtronic plc (NYSE:MDT)

Strategic Advisors LLC lowered its position in Medtronic plc (NYSE:MDTGet Rating) by 10.2% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 10,079 shares of the medical technology company’s stock after selling 1,142 shares during the period. Strategic Advisors LLC’s holdings in Medtronic were worth $1,118,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. BlackRock Inc. increased its position in shares of Medtronic by 4.7% during the 4th quarter. BlackRock Inc. now owns 107,903,362 shares of the medical technology company’s stock worth $11,162,603,000 after purchasing an additional 4,883,180 shares during the last quarter. State Street Corp boosted its stake in shares of Medtronic by 2.8% in the 4th quarter. State Street Corp now owns 57,974,329 shares of the medical technology company’s stock valued at $6,033,399,000 after buying an additional 1,591,381 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in Medtronic by 0.5% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 45,408,187 shares of the medical technology company’s stock worth $4,697,477,000 after purchasing an additional 217,800 shares during the last quarter. Lazard Asset Management LLC lifted its stake in Medtronic by 4.9% during the fourth quarter. Lazard Asset Management LLC now owns 25,370,323 shares of the medical technology company’s stock worth $2,624,558,000 after purchasing an additional 1,196,593 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Medtronic by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 22,494,541 shares of the medical technology company’s stock worth $2,320,796,000 after purchasing an additional 321,333 shares during the last quarter. 80.23% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

MDT has been the subject of several recent analyst reports. Cowen boosted their target price on Medtronic to $125.00 in a research note on Monday, May 23rd. Truist Financial decreased their target price on Medtronic from $111.00 to $97.00 and set a “hold” rating for the company in a research note on Wednesday, July 20th. StockNews.com upgraded Medtronic from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft reduced their price objective on Medtronic from $149.00 to $121.00 in a research note on Friday, May 27th. Finally, Citigroup reduced their price objective on Medtronic from $120.00 to $117.00 and set a “buy” rating for the company in a research note on Friday, May 27th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Medtronic currently has a consensus rating of “Moderate Buy” and an average price target of $117.13.

Medtronic Stock Performance

NYSE MDT opened at $94.81 on Wednesday. The business’s 50-day moving average price is $91.03 and its 200 day moving average price is $100.32. Medtronic plc has a twelve month low of $86.70 and a twelve month high of $135.89. The company has a market capitalization of $127.19 billion, a PE ratio of 25.55, a price-to-earnings-growth ratio of 2.44 and a beta of 0.75. The company has a current ratio of 1.86, a quick ratio of 1.49 and a debt-to-equity ratio of 0.39.

Medtronic (NYSE:MDTGet Rating) last released its earnings results on Thursday, May 26th. The medical technology company reported $1.52 earnings per share for the quarter, missing the consensus estimate of $1.56 by ($0.04). The business had revenue of $8.09 billion for the quarter, compared to analysts’ expectations of $8.43 billion. Medtronic had a return on equity of 14.50% and a net margin of 15.90%. The business’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.50 earnings per share. On average, research analysts predict that Medtronic plc will post 5.55 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 15th. Shareholders of record on Friday, June 24th were paid a dividend of $0.68 per share. The ex-dividend date of this dividend was Thursday, June 23rd. This is a positive change from Medtronic’s previous quarterly dividend of $0.63. This represents a $2.72 annualized dividend and a yield of 2.87%. Medtronic’s dividend payout ratio is currently 72.92%.

Medtronic Profile

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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.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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