Summit Financial Strategies Inc. Cuts Position in Medtronic plc (NYSE:MDT)

Summit Financial Strategies Inc. lessened its holdings in Medtronic plc (NYSE:MDT) by 8.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,752 shares of the medical technology company’s stock after selling 240 shares during the quarter. Summit Financial Strategies Inc.’s holdings in Medtronic were worth $248,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Lynx Investment Advisory purchased a new stake in shares of Medtronic during the second quarter valued at approximately $28,000. Tributary Capital Management LLC purchased a new stake in shares of Medtronic during the first quarter valued at approximately $33,000. Riverview Trust Co purchased a new stake in shares of Medtronic during the first quarter valued at approximately $39,000. Gleason Group Inc. purchased a new stake in shares of Medtronic during the second quarter valued at approximately $42,000. Finally, Opal Wealth Advisors LLC purchased a new stake in shares of Medtronic during the second quarter valued at approximately $43,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Robert W. Baird increased their price objective on shares of Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Citigroup increased their price objective on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. Stifel Nicolaus increased their price objective on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. Oppenheimer increased their price objective 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. Finally, Truist Financial increased their price objective on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $95.36.

Medtronic Price Performance

MDT traded down $0.09 during trading on Thursday, hitting $89.90. 1,220,482 shares of the company traded hands, compared to its average volume of 6,229,270. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.49. The company has a market cap of $115.28 billion, a PE ratio of 32.72, a P/E/G ratio of 2.53 and a beta of 0.84. The stock’s 50-day simple moving average is $88.10 and its two-hundred day simple moving average is $83.52. The company has a current ratio of 2.13, a quick ratio of 1.61 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 EPS for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $7.90 billion. During the same period last year, the company posted $1.20 EPS. The business’s revenue was up 3.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company 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 was Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.11%. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

About Medtronic

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.