M&G Plc Cuts Position in Medtronic plc (NYSE:MDT)

M&G Plc decreased its holdings in Medtronic plc (NYSE:MDT) by 4.9% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 2,713,663 shares of the medical technology company’s stock after selling 139,912 shares during the period. Medtronic makes up about 1.2% of M&G Plc’s investment portfolio, making the stock its 15th largest position. M&G Plc’s holdings in Medtronic were worth $244,230,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of MDT. Fortitude Family Office LLC purchased a new position in Medtronic in the third quarter valued at approximately $27,000. Highline Wealth Partners LLC purchased a new position in Medtronic in the third quarter valued at approximately $27,000. Lynx Investment Advisory purchased a new position in Medtronic in the second quarter valued at approximately $28,000. Gleason Group Inc. purchased a new stake in shares of Medtronic during the second quarter valued at approximately $42,000. Finally, Opal Wealth Advisors LLC purchased a new stake in shares of Medtronic during the second quarter valued at approximately $43,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of NYSE MDT opened at $90.09 on Thursday. Medtronic plc has a fifty-two week low of $69.32 and a fifty-two week high of $92.68. The firm’s 50-day simple moving average is $89.69 and its 200 day simple moving average is $84.38. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The stock has a market cap of $115.54 billion, a P/E ratio of 30.44, a P/E/G ratio of 2.55 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 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. During the same period in the previous year, the business earned $1.20 earnings per share. The company’s revenue was up 3.4% on a year-over-year basis. Equities analysts expect that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.11%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 94.59%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Evercore ISI lifted their price objective on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. Oppenheimer lifted their price objective on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. Citigroup raised their price target on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. Finally, Barclays raised their price target on shares of Medtronic from $104.00 to $105.00 and gave the stock 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 issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $95.36.

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.