Brinker Capital Investments LLC reduced its stake in Medtronic plc (NYSE:MDT – Get Rating) by 32.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,914 shares of the medical technology company’s stock after selling 34,930 shares during the quarter. Brinker Capital Investments LLC’s holdings in Medtronic were worth $8,200,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also bought and sold shares of the company. Landmark Wealth Management LLC purchased a new position in shares of Medtronic during the first quarter worth approximately $25,000. Kenfarb & CO. purchased a new position in shares of Medtronic during the fourth quarter worth approximately $29,000. Syverson Strege & Co purchased a new position in shares of Medtronic during the first quarter worth approximately $29,000. Byrne Asset Management LLC purchased a new position in shares of Medtronic during the fourth quarter worth approximately $34,000. Finally, Mascoma Wealth Management LLC raised its stake in shares of Medtronic by 41.7% during 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 in the last quarter. 79.81% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several research analysts have commented on the stock. Sanford C. Bernstein reissued a “buy” rating and set a $122.00 price target on shares of Medtronic in a research note on Friday, May 20th. Cowen set a $125.00 target price on shares of Medtronic and gave the stock an “outperform” rating in a report on Monday, May 23rd. Needham & Company LLC cut shares of Medtronic from a “buy” rating to a “hold” rating in a report on Friday, May 27th. Piper Sandler cut their target price on shares of Medtronic from $100.00 to $90.00 in a report on Tuesday, August 23rd. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of Medtronic from $149.00 to $121.00 in a report on Friday, May 27th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $111.52.
Medtronic Price Performance
Shares of NYSE:MDT opened at $89.73 on Monday. Medtronic plc has a fifty-two week low of $85.66 and a fifty-two week high of $133.97. The business has a 50-day simple moving average of $90.94 and a two-hundred day simple moving average of $98.63. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.23 and a current ratio of 1.58. The firm has a market cap of $119.26 billion, a price-to-earnings ratio of 23.19, a price-to-earnings-growth ratio of 2.37 and a beta of 0.75.
Medtronic (NYSE:MDT – Get Rating) last released its quarterly earnings results on Tuesday, August 23rd. The medical technology company reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.01. Medtronic had a return on equity of 13.64% and a net margin of 16.75%. During the same quarter in the prior year, the company posted $1.41 earnings per share. On average, analysts expect that Medtronic plc will post 5.53 earnings per share for the current year.
Medtronic Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 23rd will be paid a dividend of $0.68 per share. The ex-dividend date is Thursday, September 22nd. This represents a $2.72 dividend on an annualized basis and a dividend yield of 3.03%. Medtronic’s dividend payout ratio is currently 70.28%.
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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