Medtronic plc (NYSE:MDT) Shares Sold by Brown Brothers Harriman & Co.

Brown Brothers Harriman & Co. lowered its stake in Medtronic plc (NYSE:MDT) by 15.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 200,971 shares of the medical technology company’s stock after selling 37,517 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Medtronic were worth $15,818,000 at the end of the most recent quarter.

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

Medtronic Stock Performance

MDT opened at $90.00 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 one year low of $68.84 and a one year high of $91.49. The company has a market cap of $115.40 billion, a P/E ratio of 32.73, a PEG ratio of 2.57 and a beta of 0.84. The business’s 50-day simple moving average is $83.60 and its 200-day simple moving average is $82.79.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.20 by $0.03. The company 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 firm’s revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.20 earnings per share. As a group, equities research analysts expect that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a $0.70 dividend. The ex-dividend date is 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 101.82%.

Wall Street Analyst Weigh In

MDT has been the subject of several research reports. Robert W. Baird lifted their target price on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Piper Sandler lifted their price objective on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Citigroup reduced 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. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Finally, Daiwa America upgraded Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. One analyst has rated the stock with a sell rating, nine have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $92.92.

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.