Prime Capital Investment Advisors LLC Sells 442 Shares of Medtronic plc (NYSE:MDT)

Prime Capital Investment Advisors LLC reduced its stake in Medtronic plc (NYSE:MDT) by 1.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 45,143 shares of the medical technology company’s stock after selling 442 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Medtronic were worth $3,553,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. M&G Plc bought a new position in shares of Medtronic during the first quarter worth approximately $259,160,000. Capital Research Global Investors increased its stake in Medtronic by 7.1% during 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 acquiring an additional 2,044,109 shares during the period. Pzena Investment Management LLC raised its holdings in Medtronic by 30.9% in the 4th quarter. Pzena Investment Management LLC now owns 7,500,562 shares of the medical technology company’s stock valued at $617,896,000 after acquiring an additional 1,769,985 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its position in shares of Medtronic by 145.4% during the 4th 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 acquiring an additional 1,405,978 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC grew its holdings in shares of Medtronic by 26.8% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 6,237,032 shares of the medical technology company’s stock worth $513,807,000 after purchasing an additional 1,318,590 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Performance

Medtronic stock opened at $90.11 on Tuesday. The business has a 50 day moving average of $83.86 and a 200-day moving average of $82.84. The company has a market capitalization of $115.55 billion, a P/E ratio of 32.77, a P/E/G ratio of 2.57 and a beta of 0.84. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.49. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter last year, the firm earned $1.20 earnings per share. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, equities research analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently declared 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. The ex-dividend date is Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.11%. Medtronic’s payout ratio is 101.82%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on MDT shares. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research report on Wednesday, August 21st. Oppenheimer increased their price target on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. Citigroup lowered their price objective on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Wells Fargo & Company raised their target price on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Finally, Robert W. Baird boosted their price target on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $92.92.

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.