Nelson Capital Management LLC Sells 652 Shares of Medtronic plc (NYSE:MDT)

Nelson Capital Management LLC reduced its holdings in Medtronic plc (NYSE:MDT) by 1.7% during the second quarter, Holdings Channel.com reports. The institutional investor owned 38,738 shares of the medical technology company’s stock after selling 652 shares during the quarter. Nelson Capital Management LLC’s holdings in Medtronic were worth $3,049,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Capital Research Global Investors lifted its stake in shares of Medtronic by 7.1% in 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 period. Bank of New York Mellon Corp lifted its position in Medtronic by 3.5% during the first quarter. Bank of New York Mellon Corp now owns 21,817,063 shares of the medical technology company’s stock valued at $1,901,357,000 after buying an additional 727,931 shares during the period. Norges Bank bought a new stake in shares of Medtronic during the 4th quarter valued at $1,229,726,000. Sanders Capital LLC grew its position in shares of Medtronic by 2.8% in the 4th quarter. Sanders Capital LLC now owns 12,634,161 shares of the medical technology company’s stock worth $1,040,802,000 after buying an additional 346,641 shares during the period. Finally, First Eagle Investment Management LLC increased its stake 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 in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Performance

MDT stock opened at $90.35 on Thursday. The company has a market cap of $115.85 billion, a P/E ratio of 32.85, a price-to-earnings-growth ratio of 2.56 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 plc has a 1 year low of $68.84 and a 1 year high of $91.49. The stock’s fifty day moving average price is $83.09 and its 200-day moving average price is $82.71.

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 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 the consensus estimate of $7.90 billion. During the same period in the previous year, the company posted $1.20 EPS. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. On average, equities analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently disclosed 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 3.10%. Medtronic’s dividend payout ratio (DPR) is 101.82%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Wells Fargo & Company upped their price objective on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Robert W. Baird upped their price target on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Oppenheimer lifted their price objective on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. The Goldman Sachs Group assumed coverage on Medtronic in a research note on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price on the stock. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a research note on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $92.92.

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.