Oppenheimer Asset Management Inc. Sells 25,378 Shares of Medtronic plc (NYSE:MDT)

Oppenheimer Asset Management Inc. decreased its stake in Medtronic plc (NYSE:MDT) by 4.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 544,024 shares of the medical technology company’s stock after selling 25,378 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Medtronic were worth $48,978,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MDT. Fortitude Family Office LLC purchased a new stake in Medtronic in the third quarter worth $27,000. Highline Wealth Partners LLC bought a new position in shares of Medtronic in the third quarter worth $27,000. Lynx Investment Advisory purchased a new position in shares of Medtronic in the second quarter valued at $28,000. Gleason Group Inc. purchased a new stake in Medtronic during the 2nd quarter worth about $42,000. Finally, Opal Wealth Advisors LLC bought a new position in Medtronic in the 2nd quarter worth about $43,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Trading Down 0.1 %

Medtronic stock traded down $0.10 during trading hours on Wednesday, reaching $88.20. The stock had a trading volume of 291,788 shares, compared to its average volume of 6,173,112. The stock has a market cap of $113.11 billion, a PE ratio of 29.81, a PEG ratio of 2.52 and a beta of 0.84. The company has a fifty day simple moving average of $89.65 and a 200-day simple moving average of $84.63. 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 52 week low of $72.08 and a 52 week high of $92.68.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 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 analyst estimates of $7.90 billion. During the same quarter in the prior year, the company posted $1.20 EPS. Medtronic’s quarterly revenue was up 3.4% compared to the same quarter last year. Analysts forecast that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is currently 94.59%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on MDT shares. Oppenheimer increased their price target on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. Piper Sandler raised their price target on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Wells Fargo & Company boosted their price target on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Robert W. Baird increased their price objective on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Finally, Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $95.36.

About Medtronic

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.