Tidal Investments LLC Sells 18,155 Shares of Medtronic plc (NYSE:MDT)

Tidal Investments LLC reduced its stake in Medtronic plc (NYSE:MDT) by 17.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 86,851 shares of the medical technology company’s stock after selling 18,155 shares during the period. Tidal Investments LLC’s holdings in Medtronic were worth $7,819,000 at the end of the most recent reporting period.

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

Medtronic Stock Down 0.2 %

Shares of NYSE MDT opened at $82.73 on Friday. The business has a 50-day moving average price of $87.77 and a 200 day moving average price of $84.99. The stock has a market cap of $106.08 billion, a PE ratio of 25.30, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $92.68.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company’s revenue was up 5.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.25 earnings per share. Equities research analysts forecast that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.38%. The ex-dividend date of this dividend is Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Analyst Ratings Changes

A number of analysts have issued reports on MDT shares. Robert W. Baird cut their target price on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 20th. Evercore ISI lifted their target price on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Sanford C. Bernstein increased their price target on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and raised their price objective for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $95.27.

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.