Harfst & Associates Inc. Cuts Stake in Medtronic plc (NYSE:MDT)

Harfst & Associates Inc. lessened its stake in Medtronic plc (NYSE:MDT) by 34.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,803 shares of the medical technology company’s stock after selling 2,558 shares during the quarter. Harfst & Associates Inc.’s holdings in Medtronic were worth $432,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Los Angeles Capital Management LLC increased its holdings in shares of Medtronic by 754.8% in the first quarter. Los Angeles Capital Management LLC now owns 58,993 shares of the medical technology company’s stock worth $5,141,000 after purchasing an additional 52,092 shares during the last quarter. Wedmont Private Capital raised its holdings in shares of Medtronic by 4.6% during the 1st quarter. Wedmont Private Capital now owns 3,798 shares of the medical technology company’s stock worth $318,000 after acquiring an additional 166 shares in the last quarter. Park Avenue Securities LLC boosted its position in shares of Medtronic by 20.1% during the 1st quarter. Park Avenue Securities LLC now owns 46,764 shares of the medical technology company’s stock valued at $4,075,000 after acquiring an additional 7,841 shares during the last quarter. RFG Advisory LLC grew its holdings in shares of Medtronic by 5.2% in the first quarter. RFG Advisory LLC now owns 23,076 shares of the medical technology company’s stock valued at $2,011,000 after purchasing an additional 1,134 shares in the last quarter. Finally, &PARTNERS increased its position in Medtronic by 233.4% in the first quarter. &PARTNERS now owns 10,843 shares of the medical technology company’s stock worth $951,000 after purchasing an additional 7,591 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Up 2.7 %

Shares of MDT traded up $2.45 during mid-day trading on Friday, hitting $92.24. The company’s stock had a trading volume of 7,355,589 shares, compared to its average volume of 6,255,872. The firm has a market capitalization of $118.28 billion, a price-to-earnings ratio of 33.54, a PEG ratio of 2.53 and a beta of 0.84. The company’s 50-day moving average is $88.45 and its 200-day moving average is $83.60. 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 plc has a 52-week low of $68.84 and a 52-week high of $92.25.

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

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.04%. Medtronic’s dividend payout ratio is presently 101.82%.

Wall Street Analyst Weigh In

MDT has been the subject of several recent research reports. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. Barclays raised their price objective on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Oppenheimer increased their price target on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and raised their price target for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Finally, Citigroup upped their price objective on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Medtronic currently has an average rating of “Hold” and an average price target of $95.36.

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.