Forum Financial Management LP Cuts Stock Position in Medtronic plc (NYSE:MDT)

Forum Financial Management LP decreased its position in Medtronic plc (NYSE:MDT) by 3.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 13,296 shares of the medical technology company’s stock after selling 460 shares during the period. Forum Financial Management LP’s holdings in Medtronic were worth $1,197,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Robeco Institutional Asset Management B.V. grew its holdings in Medtronic by 5.0% in the third quarter. Robeco Institutional Asset Management B.V. now owns 784,567 shares of the medical technology company’s stock valued at $70,635,000 after purchasing an additional 37,089 shares during the last quarter. Angeles Wealth Management LLC acquired a new stake in Medtronic in the third quarter valued at $204,000. Janney Montgomery Scott LLC grew its holdings in Medtronic by 6.1% in the third quarter. Janney Montgomery Scott LLC now owns 1,089,739 shares of the medical technology company’s stock valued at $98,109,000 after purchasing an additional 63,056 shares during the last quarter. Allen Wealth Management LLC grew its holdings in Medtronic by 12.0% in the third quarter. Allen Wealth Management LLC now owns 19,591 shares of the medical technology company’s stock valued at $1,764,000 after purchasing an additional 2,097 shares during the last quarter. Finally, Optas LLC grew its holdings in Medtronic by 22.2% in the third quarter. Optas LLC now owns 3,894 shares of the medical technology company’s stock valued at $351,000 after purchasing an additional 707 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Price Performance

MDT stock opened at $90.07 on Monday. 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 1 year low of $69.32 and a 1 year high of $92.68. The firm has a market cap of $115.51 billion, a P/E ratio of 30.43, a price-to-earnings-growth ratio of 2.55 and a beta of 0.84. The stock has a 50-day simple moving average of $89.64 and a 200-day simple moving average of $84.20.

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

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were paid a dividend of $0.70 per share. The ex-dividend date was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.11%. Medtronic’s dividend payout ratio (DPR) is presently 94.59%.

Wall Street Analyst Weigh In

MDT has been the topic of several research reports. Wells Fargo & Company upped their target price on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Piper Sandler increased their price objective on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Daiwa America raised Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Oppenheimer increased their target price on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. Finally, Stifel Nicolaus increased their target price on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Medtronic currently has an average rating of “Hold” and a consensus 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.