Grimes & Company Inc. Has $17.54 Million Stock Holdings in Medtronic plc (NYSE:MDT)

Grimes & Company Inc. lowered its position in shares of Medtronic plc (NYSE:MDT) by 2.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 194,864 shares of the medical technology company’s stock after selling 3,986 shares during the quarter. Grimes & Company Inc.’s holdings in Medtronic were worth $17,544,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Chemung Canal Trust Co. boosted its position in Medtronic by 1,467.5% during the 1st quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock worth $4,175,000 after acquiring an additional 44,846 shares during the last quarter. Manning & Napier Advisors LLC acquired a new position in Medtronic during the 2nd quarter worth approximately $25,643,000. SageView Advisory Group LLC boosted its position in Medtronic by 130.3% during the 1st quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock worth $1,467,000 after acquiring an additional 9,523 shares during the last quarter. Daiwa Securities Group Inc. raised its stake in shares of Medtronic by 10.0% during the 1st quarter. Daiwa Securities Group Inc. now owns 135,268 shares of the medical technology company’s stock worth $11,789,000 after purchasing an additional 12,250 shares in the last quarter. Finally, Burns J W & Co. Inc. NY raised its stake in shares of Medtronic by 17.4% during the 1st quarter. Burns J W & Co. Inc. NY now owns 3,276 shares of the medical technology company’s stock worth $286,000 after purchasing an additional 486 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Performance

MDT stock traded up $0.04 during trading hours on Thursday, hitting $92.31. 413,406 shares of the stock were exchanged, compared to its average volume of 6,212,398. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $118.37 billion, a P/E ratio of 33.55, a P/E/G ratio of 2.53 and a beta of 0.84. The company has a 50-day simple moving average of $89.04 and a two-hundred day simple moving average of $83.74. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $92.66.

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

Medtronic Announces Dividend

The company also recently disclosed 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 3.03%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s payout ratio is 101.82%.

Analyst Upgrades and Downgrades

MDT has been the topic of a number of analyst reports. Barclays upped their price objective on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Piper Sandler upped their price objective on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Truist Financial upped their price objective on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Monday, October 14th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. Finally, Oppenheimer upped their price objective on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $95.36.

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.