Medtronic plc (NYSE:MDT) Shares Sold by Magnus Financial Group LLC

Magnus Financial Group LLC trimmed its position in Medtronic plc (NYSE:MDT) by 10.5% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,936 shares of the medical technology company’s stock after selling 343 shares during the period. Magnus Financial Group LLC’s holdings in Medtronic were worth $264,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MDT. First PREMIER Bank grew its position in shares of Medtronic by 1.8% in the 3rd quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock worth $577,000 after acquiring an additional 116 shares in the last quarter. Quent Capital LLC boosted its holdings in Medtronic by 8.0% in the first quarter. Quent Capital LLC now owns 1,680 shares of the medical technology company’s stock worth $146,000 after purchasing an additional 125 shares during the period. Abbrea Capital LLC raised its holdings in shares of Medtronic by 2.5% during the first quarter. Abbrea Capital LLC now owns 5,077 shares of the medical technology company’s stock worth $446,000 after purchasing an additional 125 shares during the period. Waterway Wealth Management LLC grew its position in shares of Medtronic by 4.8% during the 2nd quarter. Waterway Wealth Management LLC now owns 2,759 shares of the medical technology company’s stock valued at $217,000 after buying an additional 126 shares during the last quarter. Finally, Americana Partners LLC boosted its stake in Medtronic by 2.0% in the second quarter. Americana Partners LLC now owns 6,667 shares of the medical technology company’s stock valued at $525,000 after acquiring an additional 128 shares during the period. 82.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Barclays raised their price target on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Truist Financial increased their price objective on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a report on Monday. Stifel Nicolaus upped their target price on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. Finally, Robert W. Baird raised their price target on shares of Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. One 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 stock. Based on data from MarketBeat.com, Medtronic presently has an average rating of “Hold” and an average price target of $95.36.

Medtronic Price Performance

Shares of NYSE:MDT opened at $89.84 on Wednesday. The stock has a market cap of $115.20 billion, a price-to-earnings ratio of 32.67, a PEG 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 plc has a 12 month low of $68.84 and a 12 month high of $91.49. The stock’s 50 day moving average price is $87.92 and its 200 day moving average price is $83.47.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. The business had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company’s revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.20 earnings per share. Equities research analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.12%. Medtronic’s dividend payout ratio is currently 101.82%.

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.