Cambridge Advisors Inc. Has $488,000 Position in Medtronic plc (NYSE:MDT)

Cambridge Advisors Inc. reduced its stake in Medtronic plc (NYSE:MDT) by 3.6% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 5,419 shares of the medical technology company’s stock after selling 200 shares during the quarter. Cambridge Advisors Inc.’s holdings in Medtronic were worth $488,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Assenagon Asset Management S.A. lifted its holdings in shares of Medtronic by 1.8% during the third quarter. Assenagon Asset Management S.A. now owns 58,474 shares of the medical technology company’s stock worth $5,264,000 after buying an additional 1,034 shares during the last quarter. Pinnacle West Asset Management Inc. lifted its holdings in shares of Medtronic by 3.6% during the third quarter. Pinnacle West Asset Management Inc. now owns 8,010 shares of the medical technology company’s stock worth $721,000 after buying an additional 275 shares during the last quarter. DORCHESTER WEALTH MANAGEMENT Co lifted its holdings in shares of Medtronic by 3.0% during the third quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 6,072 shares of the medical technology company’s stock worth $547,000 after buying an additional 175 shares during the last quarter. CENTRAL TRUST Co lifted its holdings in shares of Medtronic by 3.5% during the third quarter. CENTRAL TRUST Co now owns 10,076 shares of the medical technology company’s stock worth $907,000 after buying an additional 342 shares during the last quarter. Finally, Keene & Associates Inc. lifted its holdings in shares of Medtronic by 0.3% during the third quarter. Keene & Associates Inc. now owns 38,941 shares of the medical technology company’s stock worth $3,506,000 after buying an additional 127 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of NYSE:MDT opened at $90.99 on Friday. The business’s fifty day moving average price is $89.04 and its two-hundred day moving average price is $83.74. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $92.68. The stock has a market capitalization of $116.67 billion, a price-to-earnings ratio of 33.09, a price-to-earnings-growth ratio of 2.53 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 quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share 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 firm had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. During the same period in the prior year, the business posted $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 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.08%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s payout ratio is presently 101.82%.

Analysts Set New Price Targets

MDT has been the subject of a number of research analyst reports. Citigroup upped their price target on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. Truist Financial boosted their price objective on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday, October 14th. Robert W. Baird boosted their price objective on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Piper Sandler boosted their price objective on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Finally, Barclays boosted their price objective on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Medtronic has an average rating of “Hold” and a consensus price target of $95.36.

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.