Medtronic plc (NYSE:MDT) Shares Sold by Stratos Investment Management LLC

Stratos Investment Management LLC cut its holdings in shares of Medtronic plc (NYSE:MDT) by 35.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 31,171 shares of the medical technology company’s stock after selling 16,986 shares during the quarter. Stratos Investment Management LLC’s holdings in Medtronic were worth $2,806,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Los Angeles Capital Management LLC increased its position in shares of Medtronic by 754.8% during the first quarter. Los Angeles Capital Management LLC now owns 58,993 shares of the medical technology company’s stock valued at $5,141,000 after acquiring an additional 52,092 shares during the last quarter. Wedmont Private Capital raised its position in Medtronic by 4.6% in the first quarter. Wedmont Private Capital now owns 3,798 shares of the medical technology company’s stock valued at $318,000 after purchasing an additional 166 shares during the period. Park Avenue Securities LLC grew its stake in shares of Medtronic by 20.1% in the first quarter. Park Avenue Securities LLC now owns 46,764 shares of the medical technology company’s stock valued at $4,075,000 after buying an additional 7,841 shares in the last quarter. RFG Advisory LLC raised its holdings in shares of Medtronic by 5.2% in the 1st quarter. RFG Advisory LLC now owns 23,076 shares of the medical technology company’s stock valued at $2,011,000 after buying an additional 1,134 shares during the period. Finally, &PARTNERS lifted its stake in Medtronic by 233.4% during the 1st quarter. &PARTNERS now owns 10,843 shares of the medical technology company’s stock worth $951,000 after acquiring an additional 7,591 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Trading Up 2.7 %

NYSE:MDT opened at $92.23 on Friday. The company has a market cap of $118.26 billion, a PE ratio of 33.54, a P/E/G ratio of 2.53 and a beta of 0.84. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $92.25. The business’s 50 day moving average is $88.45 and its two-hundred day moving average is $83.60. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

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. On average, analysts predict that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.04%. Medtronic’s payout ratio is presently 101.82%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on MDT shares. Piper Sandler boosted their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Oppenheimer raised their price target on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report on Wednesday, August 21st. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Robert W. Baird increased their price objective on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Finally, Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $95.36.

Medtronic Company 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.