Insight Inv LLC Cuts Stake in Medtronic plc (NYSE:MDT)

Insight Inv LLC trimmed its stake in Medtronic plc (NYSE:MDT) by 3.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 14,208 shares of the medical technology company’s stock after selling 510 shares during the quarter. Insight Inv LLC’s holdings in Medtronic were worth $1,289,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of MDT. Clear Harbor Asset Management LLC increased its stake in shares of Medtronic by 1.2% during the third quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock valued at $861,000 after acquiring an additional 111 shares during the period. Guardian Wealth Management Inc. boosted its stake in Medtronic by 0.9% during the 3rd quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock valued at $1,182,000 after purchasing an additional 115 shares in the last quarter. First PREMIER Bank increased its position in shares of Medtronic by 1.8% during the 3rd quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock valued at $577,000 after purchasing an additional 116 shares during the period. First City Capital Management Inc. raised its stake in shares of Medtronic by 2.9% in the 3rd quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock worth $371,000 after buying an additional 116 shares in the last quarter. Finally, Hardy Reed LLC lifted its holdings in shares of Medtronic by 4.4% in the third quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company’s stock valued at $247,000 after buying an additional 116 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of MDT opened at $83.96 on Tuesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The company has a market capitalization of $107.66 billion, a price-to-earnings ratio of 25.68, a P/E/G ratio of 2.38 and a beta of 0.82. The business’s 50-day moving average is $88.13 and its 200-day moving average is $85.01. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $92.68.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.01. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.25 EPS. Equities research analysts expect that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.33%. Medtronic’s dividend payout ratio is 85.63%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MDT. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Piper Sandler boosted their target price on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Sanford C. Bernstein raised their target price on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. Oppenheimer increased their price objective on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report on Wednesday, August 21st. Finally, Barclays lifted their target price on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus target price of $95.27.

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.