Simplicity Wealth LLC Decreases Stock Position in Medtronic plc (NYSE:MDT)

Simplicity Wealth LLC trimmed its position in shares of Medtronic plc (NYSE:MDT) by 77.0% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,676 shares of the medical technology company’s stock after selling 55,740 shares during the quarter. Simplicity Wealth LLC’s holdings in Medtronic were worth $1,501,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the company. Sunpointe LLC bought a new stake in Medtronic in the fourth quarter worth about $212,000. American Trust boosted its holdings in Medtronic by 2.8% during the 4th quarter. American Trust now owns 10,863 shares of the medical technology company’s stock valued at $895,000 after acquiring an additional 296 shares during the period. Scarborough Advisors LLC bought a new position in Medtronic in the 4th quarter valued at $62,000. Beacon Financial Group purchased a new stake in Medtronic in the fourth quarter worth $1,586,000. Finally, Virtu Financial LLC lifted its position in shares of Medtronic by 111.1% during the fourth quarter. Virtu Financial LLC now owns 18,870 shares of the medical technology company’s stock worth $1,554,000 after purchasing an additional 9,932 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

MDT opened at $89.36 on Friday. The firm has a market capitalization of $114.58 billion, a PE ratio of 32.49, a price-to-earnings-growth ratio of 2.53 and a beta of 0.84. The business’s 50-day moving average is $87.54 and its two-hundred day moving average is $83.46. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.49. 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 (NYSE:MDT) last posted its quarterly earnings data 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. 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 quarter in the previous year, the business posted $1.20 EPS. Research analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were paid a dividend of $0.70 per share. The ex-dividend date was Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.13%. Medtronic’s dividend payout ratio (DPR) is 101.82%.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. Truist Financial upped their target price on shares of Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. Robert W. Baird lifted 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. Citigroup boosted their price target on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. Finally, Stifel Nicolaus raised their price objective on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Medtronic presently has a consensus rating of “Hold” and a consensus target price of $95.14.

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.