US Asset Management LLC Sells 136 Shares of Medtronic plc (NYSE:MDT)

US Asset Management LLC lowered its stake in shares of Medtronic plc (NYSE:MDT) by 2.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 4,749 shares of the medical technology company’s stock after selling 136 shares during the quarter. US Asset Management LLC’s holdings in Medtronic were worth $374,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of MDT. LifeSteps Financial Inc. bought a new position in shares of Medtronic in the first quarter worth about $27,000. Lynx Investment Advisory bought a new position in Medtronic in the second quarter worth approximately $28,000. Tributary Capital Management LLC purchased a new position in Medtronic during the 1st quarter worth $33,000. Riverview Trust Co bought a new stake in Medtronic during the 1st quarter valued at $39,000. Finally, Fortis Group Advisors LLC lifted its holdings in shares of Medtronic by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after buying an additional 230 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on MDT shares. Citigroup dropped their target price on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Piper Sandler lifted their price target on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Stifel Nicolaus upped their price objective on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and lifted their target price for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $92.92.

Medtronic Price Performance

NYSE MDT opened at $90.00 on Friday. The stock’s fifty day moving average price is $83.60 and its 200 day moving average price is $82.80. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.49. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The company has a market cap of $115.42 billion, a price-to-earnings ratio of 32.73, a PEG ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same period last year, the firm posted $1.20 EPS. Medtronic’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, equities research analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.11%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio is currently 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.