Private Advisor Group LLC Reduces Stock Position in Medtronic plc (NYSE:MDT)

Private Advisor Group LLC lowered its stake in Medtronic plc (NYSE:MDTGet Rating) by 21.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 137,734 shares of the medical technology company’s stock after selling 38,096 shares during the quarter. Private Advisor Group LLC’s holdings in Medtronic were worth $12,362,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MDT. Landmark Wealth Management LLC bought a new position in Medtronic in the first quarter worth approximately $25,000. Kenfarb & CO. bought a new position in Medtronic in the fourth quarter worth approximately $29,000. Syverson Strege & Co bought a new position in Medtronic in the first quarter worth approximately $29,000. Byrne Asset Management LLC bought a new position in Medtronic in the fourth quarter worth approximately $34,000. Finally, Mascoma Wealth Management LLC raised its position in Medtronic by 41.7% in the first quarter. Mascoma Wealth Management LLC now owns 394 shares of the medical technology company’s stock worth $44,000 after acquiring an additional 116 shares during the period. Hedge funds and other institutional investors own 79.81% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Wells Fargo & Company decreased their price target on shares of Medtronic from $104.00 to $96.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 24th. Piper Sandler decreased their price objective on shares of Medtronic from $100.00 to $90.00 in a research report on Tuesday, August 23rd. Needham & Company LLC downgraded shares of Medtronic from a “buy” rating to a “hold” rating in a research report on Friday, May 27th. StockNews.com downgraded shares of Medtronic from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 24th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of Medtronic from $149.00 to $121.00 in a report on Friday, May 27th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $111.52.

Medtronic Price Performance

MDT stock opened at $85.73 on Thursday. Medtronic plc has a 12 month low of $85.66 and a 12 month high of $131.31. The company has a current ratio of 1.58, a quick ratio of 1.23 and a debt-to-equity ratio of 0.33. The company has a 50-day moving average price of $90.97 and a 200 day moving average price of $97.82. The stock has a market cap of $113.95 billion, a PE ratio of 22.15, a P/E/G ratio of 2.33 and a beta of 0.75.

Medtronic (NYSE:MDTGet Rating) last released its quarterly earnings results on Tuesday, August 23rd. The medical technology company reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.01. Medtronic had a net margin of 16.75% and a return on equity of 13.64%. During the same quarter in the previous year, the firm posted $1.41 earnings per share. Equities research analysts anticipate that Medtronic plc will post 5.53 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 23rd will be issued a dividend of $0.68 per share. The ex-dividend date of this dividend is Thursday, September 22nd. This represents a $2.72 dividend on an annualized basis and a yield of 3.17%. Medtronic’s payout ratio is 70.28%.

Medtronic Company Profile

(Get Rating)

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.

See Also

Want to see what other hedge funds are holding MDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Medtronic plc (NYSE:MDTGet Rating).

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

Receive News & Ratings for Medtronic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Medtronic and related companies with MarketBeat.com's FREE daily email newsletter.