Boston Financial Mangement LLC Reduces Holdings in Medtronic plc (NYSE:MDT)

Boston Financial Mangement LLC trimmed its holdings in shares of Medtronic plc (NYSE:MDT) by 34.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,764 shares of the medical technology company’s stock after selling 1,431 shares during the period. Boston Financial Mangement LLC’s holdings in Medtronic were worth $249,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of MDT. Lynx Investment Advisory purchased a new stake in Medtronic in the 2nd quarter worth approximately $28,000. Gleason Group Inc. purchased a new stake in Medtronic in the 2nd quarter worth approximately $42,000. Opal Wealth Advisors LLC purchased a new stake in Medtronic in the 2nd quarter worth approximately $43,000. Olistico Wealth LLC purchased a new stake in Medtronic in the 2nd quarter worth approximately $45,000. Finally, Beacon Capital Management LLC grew its stake in Medtronic by 56.3% in the 2nd quarter. Beacon Capital Management LLC now owns 702 shares of the medical technology company’s stock worth $55,000 after acquiring an additional 253 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Performance

NYSE:MDT opened at $90.33 on Wednesday. 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 $115.82 billion, a price-to-earnings ratio of 32.85, a PEG ratio of 2.60 and a beta of 0.84. The firm’s fifty day simple moving average is $89.52 and its 200 day simple moving average is $83.98. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $92.68.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. The business had revenue of $7.97 billion for 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%. The business’s quarterly 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. As a group, equities research analysts expect 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 issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.10%. Medtronic’s dividend payout ratio is currently 101.82%.

Analysts Set New Price Targets

Several research firms have commented on MDT. Wells Fargo & Company lifted their target price on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Evercore ISI boosted their price objective on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Robert W. Baird boosted their price objective 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. Finally, Oppenheimer boosted their price objective on shares of Medtronic from $92.00 to $94.00 and gave the company 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 given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $95.36.

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.