Pekin Hardy Strauss Inc. Cuts Stake in Medtronic plc (NYSE:MDT)

Pekin Hardy Strauss Inc. cut its holdings in Medtronic plc (NYSE:MDT) by 1.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 73,129 shares of the medical technology company’s stock after selling 790 shares during the quarter. Pekin Hardy Strauss Inc.’s holdings in Medtronic were worth $5,756,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. LifeSteps Financial Inc. bought a new position in shares of Medtronic during the first quarter valued at approximately $27,000. Lynx Investment Advisory purchased a new stake in Medtronic during the second quarter worth $28,000. Tributary Capital Management LLC bought a new stake in Medtronic during the 1st quarter valued at $33,000. Fortis Group Advisors LLC raised its position in shares of Medtronic by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after acquiring an additional 230 shares in the last quarter. Finally, Riverview Trust Co purchased a new stake in shares of Medtronic during the 1st quarter worth $39,000. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Up 0.1 %

MDT stock opened at $90.11 on Tuesday. Medtronic plc has a one year low of $68.84 and a one year high of $91.49. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The firm’s fifty day moving average is $83.86 and its 200 day moving average is $82.84. The firm has a market cap of $115.55 billion, a PE ratio of 32.77, a P/E/G ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.20 by $0.03. The company had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. Medtronic’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period last year, the company earned $1.20 earnings per share. On average, research analysts forecast that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Citigroup lowered their price target on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Piper Sandler lifted their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Wells Fargo & Company increased their price objective on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Truist Financial boosted their target price on Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price 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.