Medtronic plc (NYSE:MDT) Shares Sold by Cornerstone Advisors LLC

Cornerstone Advisors LLC lowered its position in Medtronic plc (NYSE:MDT) by 1.0% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 51,100 shares of the medical technology company’s stock after selling 500 shares during the quarter. Cornerstone Advisors LLC’s holdings in Medtronic were worth $4,022,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in MDT. Gryphon Financial Partners LLC acquired a new position in Medtronic in the 4th quarter worth $220,000. Jump Financial LLC lifted its holdings in Medtronic by 109.2% in the 4th quarter. Jump Financial LLC now owns 6,256 shares of the medical technology company’s stock worth $515,000 after buying an additional 3,266 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its position in shares of Medtronic by 3.3% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 280,455 shares of the medical technology company’s stock worth $23,104,000 after purchasing an additional 9,038 shares during the last quarter. Norges Bank bought a new stake in shares of Medtronic in the 4th quarter worth about $1,229,726,000. Finally, Hillsdale Investment Management Inc. increased its position in shares of Medtronic by 152.1% in the 4th quarter. Hillsdale Investment Management Inc. now owns 3,431 shares of the medical technology company’s stock worth $283,000 after purchasing an additional 2,070 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Piper Sandler boosted their target price on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Wells Fargo & Company boosted their target price on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Finally, Truist Financial boosted their target price on shares of Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $92.92.

Medtronic Stock Performance

Medtronic stock opened at $90.00 on Monday. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The firm has a 50-day moving average price of $83.60 and a two-hundred day moving average price of $82.79. The firm has a market capitalization of $115.40 billion, a price-to-earnings ratio of 32.73, a PEG ratio of 2.57 and a beta of 0.84. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $91.49.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The firm had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. Medtronic’s revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.20 EPS. Sell-side analysts expect that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio is currently 101.82%.

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.