Medtronic plc (NYSE:MDT) Shares Sold by Financial Insights Inc.

Financial Insights Inc. reduced its position in Medtronic plc (NYSE:MDT) by 41.7% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 3,359 shares of the medical technology company’s stock after selling 2,405 shares during the quarter. Financial Insights Inc.’s holdings in Medtronic were worth $302,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Lynx Investment Advisory purchased a new stake in shares of Medtronic during the 2nd quarter valued at about $28,000. Tributary Capital Management LLC purchased a new stake in Medtronic during the 1st quarter worth approximately $33,000. Riverview Trust Co purchased a new stake in Medtronic during the 1st quarter worth approximately $39,000. Gleason Group Inc. purchased a new stake in Medtronic during the 2nd quarter worth approximately $42,000. Finally, Opal Wealth Advisors LLC purchased a new stake in Medtronic during the 2nd quarter worth approximately $43,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Trading Up 0.1 %

NYSE:MDT opened at $91.12 on Wednesday. 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 $92.25. The business has a 50 day simple moving average of $88.83 and a 200 day simple moving average of $83.67. The firm has a market capitalization of $116.84 billion, a P/E ratio of 33.13, a P/E/G ratio of 2.53 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping 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 company had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same quarter in the previous year, the firm posted $1.20 EPS. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. Equities research analysts predict that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.07%. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Analyst Ratings Changes

Several equities research analysts have issued reports on MDT shares. Daiwa America upgraded Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Piper Sandler boosted their price target on 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 Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. Finally, UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and boosted their price target for the company from $76.00 to $90.00 in a report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target 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.