Prio Wealth Limited Partnership Sells 3,618 Shares of Medtronic plc (NYSE:MDT)

Prio Wealth Limited Partnership decreased its stake in shares of Medtronic plc (NYSE:MDT) by 1.3% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 277,190 shares of the medical technology company’s stock after selling 3,618 shares during the period. Prio Wealth Limited Partnership’s holdings in Medtronic were worth $24,955,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. First PREMIER Bank increased its holdings in Medtronic by 1.8% during the third quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock worth $577,000 after buying an additional 116 shares during the last quarter. Quent Capital LLC boosted its position in Medtronic by 8.0% during the first quarter. Quent Capital LLC now owns 1,680 shares of the medical technology company’s stock worth $146,000 after purchasing an additional 125 shares during the period. Abbrea Capital LLC boosted its position in Medtronic by 2.5% during the first quarter. Abbrea Capital LLC now owns 5,077 shares of the medical technology company’s stock worth $446,000 after purchasing an additional 125 shares during the period. Waterway Wealth Management LLC boosted its position in Medtronic by 4.8% during the second quarter. Waterway Wealth Management LLC now owns 2,759 shares of the medical technology company’s stock worth $217,000 after purchasing an additional 126 shares during the period. Finally, Americana Partners LLC boosted its position in Medtronic by 2.0% during the second quarter. Americana Partners LLC now owns 6,667 shares of the medical technology company’s stock worth $525,000 after purchasing an additional 128 shares during the period. Institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

MDT has been the subject of a number of research reports. Robert W. Baird increased their target price on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Piper Sandler increased 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. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. Barclays increased their target price on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Finally, Truist Financial increased their target price on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Medtronic has a consensus rating of “Hold” and an average price target of $95.36.

Medtronic Price Performance

MDT traded down $0.83 on Monday, reaching $91.41. The company had a trading volume of 1,047,461 shares, compared to its average volume of 6,230,216. The business has a 50 day simple moving average of $88.45 and a 200 day simple moving average of $83.58. The company has a market cap of $117.21 billion, a price-to-earnings ratio of 33.54, a P/E/G ratio of 2.53 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $92.25.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. Medtronic’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period last year, the firm posted $1.20 earnings per share. As a group, sell-side analysts anticipate that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio is currently 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.