Greenleaf Trust Trims Holdings in Medtronic plc (NYSE:MDT)

Greenleaf Trust reduced its stake in shares of Medtronic plc (NYSE:MDT) by 23.2% in the 3rd quarter, Holdings Channel reports. The fund owned 12,921 shares of the medical technology company’s stock after selling 3,898 shares during the period. Greenleaf Trust’s holdings in Medtronic were worth $1,163,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Commerzbank Aktiengesellschaft FI boosted its stake in shares of Medtronic by 120.6% in the third quarter. Commerzbank Aktiengesellschaft FI now owns 11,049 shares of the medical technology company’s stock worth $995,000 after acquiring an additional 6,041 shares during the last quarter. Meadow Creek Wealth Advisors LLC raised its position in Medtronic by 5.9% in the third quarter. Meadow Creek Wealth Advisors LLC now owns 5,677 shares of the medical technology company’s stock valued at $511,000 after purchasing an additional 318 shares during the period. GAM Holding AG raised its position in Medtronic by 0.4% in the third quarter. GAM Holding AG now owns 109,330 shares of the medical technology company’s stock valued at $9,843,000 after purchasing an additional 440 shares during the period. RBA Wealth Management LLC raised its position in Medtronic by 12.3% in the third quarter. RBA Wealth Management LLC now owns 49,495 shares of the medical technology company’s stock valued at $4,456,000 after purchasing an additional 5,429 shares during the period. Finally, Leo Wealth LLC raised its holdings in shares of Medtronic by 3.3% in the 3rd quarter. Leo Wealth LLC now owns 30,530 shares of the medical technology company’s stock valued at $2,749,000 after buying an additional 962 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Down 1.4 %

Shares of NYSE MDT opened at $90.99 on Friday. The stock has a market cap of $116.67 billion, a PE ratio of 33.09, a price-to-earnings-growth ratio of 2.53 and a beta of 0.84. 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 plc has a 52-week low of $68.84 and a 52-week high of $92.68. The business has a 50-day moving average price of $89.04 and a 200 day moving average price of $83.74.

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

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were given a $0.70 dividend. The ex-dividend date was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.08%. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on MDT. Piper Sandler boosted their price objective on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Evercore ISI upped their price target on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Barclays upped their price target on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. Finally, Daiwa America upgraded Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $95.36.

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.