Arete Wealth Advisors LLC Decreases Stake in Medtronic plc (NYSE:MDT)

Arete Wealth Advisors LLC cut its holdings in shares of Medtronic plc (NYSE:MDT) by 18.4% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 27,092 shares of the medical technology company’s stock after selling 6,123 shares during the quarter. Arete Wealth Advisors LLC’s holdings in Medtronic were worth $2,433,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the business. Clear Harbor Asset Management LLC increased its holdings in Medtronic by 1.2% in the 3rd quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock worth $861,000 after buying an additional 111 shares during the period. Guardian Wealth Management Inc. increased its stake in shares of Medtronic by 0.9% in the third quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock worth $1,182,000 after acquiring an additional 115 shares during the period. First PREMIER Bank raised its holdings in shares of Medtronic by 1.8% during the third quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock worth $577,000 after purchasing an additional 116 shares during the last quarter. First City Capital Management Inc. lifted its position in Medtronic by 2.9% during the third quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock valued at $371,000 after purchasing an additional 116 shares during the period. Finally, Hardy Reed LLC boosted its holdings in Medtronic by 4.4% in the third quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company’s stock valued at $247,000 after purchasing an additional 116 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MDT has been the subject of several analyst reports. Stifel Nicolaus boosted their price objective on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and boosted their target price for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. Truist Financial raised their price target on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday, October 14th. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Finally, Wells Fargo & Company lowered their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $95.27.

Medtronic Stock Performance

Shares of NYSE:MDT opened at $83.60 on Wednesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $92.68. The firm has a market capitalization of $107.20 billion, a PE ratio of 25.57, a P/E/G ratio of 2.38 and a beta of 0.82. The business’s 50 day moving average price is $88.13 and its 200-day moving average price is $85.01.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. During the same quarter last year, the firm posted $1.25 EPS. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis. As a group, equities research analysts expect that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 27th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.35%. Medtronic’s payout ratio is 85.63%.

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.