Medtronic plc (NYSE:MDT) Shares Sold by US Bancorp DE

US Bancorp DE lowered its position in Medtronic plc (NYSE:MDT) by 1.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,485,583 shares of the medical technology company’s stock after selling 21,803 shares during the quarter. US Bancorp DE owned 0.12% of Medtronic worth $133,748,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Fortitude Family Office LLC purchased a new stake in shares of Medtronic during the 3rd quarter worth about $27,000. Highline Wealth Partners LLC purchased a new stake in Medtronic during the third quarter worth approximately $27,000. Lynx Investment Advisory acquired a new stake in shares of Medtronic in the second quarter worth $28,000. Gleason Group Inc. purchased a new position in shares of Medtronic in the 2nd quarter valued at $42,000. Finally, Opal Wealth Advisors LLC acquired a new position in shares of Medtronic during the 2nd quarter valued at $43,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MDT. Robert W. Baird increased their price target on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Friday, October 25th. Piper Sandler boosted their price target on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” 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, Evercore ISI boosted their target price on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $95.36.

Medtronic Stock Down 1.2 %

Medtronic stock traded down $1.10 during midday trading on Thursday, hitting $89.40. The stock had a trading volume of 899,697 shares, compared to its average volume of 6,181,745. The business has a fifty day moving average price of $89.58 and a 200 day moving average price of $84.03. Medtronic plc has a 12 month low of $69.32 and a 12 month high of $92.68. The stock has a market cap of $114.63 billion, a P/E ratio of 32.93, a P/E/G ratio of 2.60 and a beta of 0.84. 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 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 during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.20 EPS. Research analysts predict that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio 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.