Corbyn Investment Management Inc. MD Decreases Position in Medtronic plc (NYSE:MDT)

Corbyn Investment Management Inc. MD lessened its holdings in shares of Medtronic plc (NYSE:MDT) by 0.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 54,940 shares of the medical technology company’s stock after selling 264 shares during the period. Medtronic makes up about 1.8% of Corbyn Investment Management Inc. MD’s portfolio, making the stock its 18th biggest holding. Corbyn Investment Management Inc. MD’s holdings in Medtronic were worth $4,324,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. International Assets Investment Management LLC raised its stake in Medtronic by 2.5% in the 4th quarter. International Assets Investment Management LLC now owns 12,607 shares of the medical technology company’s stock worth $1,039,000 after acquiring an additional 302 shares during the last quarter. Gryphon Financial Partners LLC purchased a new position in Medtronic in the 4th quarter worth $220,000. Teacher Retirement System of Texas raised its stake in Medtronic by 0.5% in the 4th quarter. Teacher Retirement System of Texas now owns 296,845 shares of the medical technology company’s stock worth $24,454,000 after acquiring an additional 1,364 shares during the last quarter. Cary Street Partners Investment Advisory LLC grew its position in Medtronic by 3.0% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 34,327 shares of the medical technology company’s stock worth $2,828,000 after purchasing an additional 985 shares during the period. Finally, AGF Management Ltd. acquired a new stake in Medtronic during the 4th quarter worth about $822,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of Medtronic stock opened at $89.89 on Friday. The business has a 50 day simple moving average of $82.29 and a two-hundred day simple moving average of $82.60. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.49. The stock has a market capitalization of $115.26 billion, a P/E ratio of 32.69, a PEG ratio of 2.52 and a beta of 0.84. 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 announced its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter in the prior year, the firm earned $1.20 earnings per share. The business’s revenue was up 3.4% compared to the same quarter last year. As a group, analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be issued a dividend of $0.70 per share. The ex-dividend date is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. Medtronic’s payout ratio is currently 101.82%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Wells Fargo & Company increased their price target on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Daiwa America raised Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Piper Sandler increased their price target on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a research report on Wednesday, August 21st. Finally, Truist Financial increased their price target on Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research report on Friday, August 23rd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Medtronic has a consensus rating of “Hold” and an average 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.