Medtronic plc (NYSE:MDT) is Murphy Pohlad Asset Management LLC’s 4th Largest Position

Murphy Pohlad Asset Management LLC trimmed its position in shares of Medtronic plc (NYSE:MDT) by 2.5% during the third quarter, Holdings Channel reports. The institutional investor owned 68,284 shares of the medical technology company’s stock after selling 1,766 shares during the quarter. Medtronic comprises about 2.6% of Murphy Pohlad Asset Management LLC’s portfolio, making the stock its 4th largest holding. Murphy Pohlad Asset Management LLC’s holdings in Medtronic were worth $6,148,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in MDT. Private Advisor Group LLC grew its stake in shares of Medtronic by 2.9% during the first quarter. Private Advisor Group LLC now owns 113,021 shares of the medical technology company’s stock worth $9,849,000 after purchasing an additional 3,175 shares in the last quarter. Mission Wealth Management LP increased its holdings in shares of Medtronic by 13.0% in the 1st quarter. Mission Wealth Management LP now owns 6,251 shares of the medical technology company’s stock valued at $545,000 after acquiring an additional 718 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Medtronic by 12.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 290,357 shares of the medical technology company’s stock worth $23,668,000 after acquiring an additional 31,098 shares in the last quarter. PDS Planning Inc purchased a new stake in Medtronic during the first quarter worth approximately $207,000. Finally, CNB Bank boosted its holdings in Medtronic by 17.8% in the first quarter. CNB Bank now owns 15,622 shares of the medical technology company’s stock valued at $1,361,000 after purchasing an additional 2,358 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of NYSE MDT opened at $90.07 on Friday. The stock has a fifty day moving average price of $89.64 and a 200 day moving average price of $84.13. Medtronic plc has a 1-year low of $69.32 and a 1-year high of $92.68. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The company has a market cap of $115.51 billion, a PE ratio of 30.43, a P/E/G ratio of 2.59 and a beta of 0.84.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter last year, the business earned $1.20 EPS. The business’s revenue was up 3.4% on a year-over-year basis. Sell-side analysts forecast that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Announces Dividend

The firm also recently announced 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. This represents a $2.80 annualized dividend and a yield of 3.11%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s payout ratio is 94.59%.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Piper Sandler raised their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Truist Financial boosted 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. Daiwa America raised Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Wells Fargo & Company boosted their target price on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Finally, Evercore ISI raised their price target on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Medtronic currently has a consensus rating of “Hold” and an average target price of $95.36.

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.