FRG Family Wealth Advisors LLC Sells 1,057 Shares of Medtronic plc (NYSE:MDT)

FRG Family Wealth Advisors LLC cut its stake in Medtronic plc (NYSE:MDT) by 8.5% in the 2nd quarter, Holdings Channel reports. The fund owned 11,353 shares of the medical technology company’s stock after selling 1,057 shares during the quarter. FRG Family Wealth Advisors LLC’s holdings in Medtronic were worth $917,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Capital Research Global Investors increased its position in shares of 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 valued at $2,691,577,000 after purchasing an additional 2,044,109 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Medtronic by 3.5% in the first quarter. Bank of New York Mellon Corp now owns 21,817,063 shares of the medical technology company’s stock worth $1,901,357,000 after buying an additional 727,931 shares in the last quarter. Norges Bank bought a new position in Medtronic during the fourth quarter valued at approximately $1,229,726,000. Sanders Capital LLC raised its stake in shares of Medtronic by 2.8% during the fourth quarter. Sanders Capital LLC now owns 12,634,161 shares of the medical technology company’s stock worth $1,040,802,000 after acquiring an additional 346,641 shares in the last quarter. Finally, First Eagle Investment Management LLC lifted its holdings in shares of Medtronic by 54.5% in the 4th quarter. First Eagle Investment Management LLC now owns 9,409,680 shares of the medical technology company’s stock worth $775,169,000 after acquiring an additional 3,320,800 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on MDT shares. Truist Financial increased their target price on shares of Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a report on Friday, August 23rd. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and raised their price objective for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. Piper Sandler boosted their target price on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Robert W. Baird increased their target price on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Finally, Stifel Nicolaus lifted their price target on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $92.92.

Medtronic Stock Performance

Shares of MDT stock opened at $90.60 on Tuesday. The firm has a market capitalization of $116.19 billion, a price-to-earnings ratio of 32.95, a PEG ratio of 2.56 and a beta of 0.84. The stock has a fifty day moving average of $82.56 and a 200 day moving average of $82.62. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.49. 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 (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping 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 analysts’ expectations of $7.90 billion. During the same period last year, the company posted $1.20 EPS. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. As a group, research analysts expect that Medtronic plc will post 5.46 earnings per share for the current 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 3.09%. Medtronic’s dividend payout ratio (DPR) is 101.82%.

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.