Corundum Group Inc. Has $701,000 Stock Holdings in Medtronic plc (NYSE:MDT)

Corundum Group Inc. lowered its holdings in shares of Medtronic plc (NYSE:MDT) by 26.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 7,790 shares of the medical technology company’s stock after selling 2,778 shares during the period. Corundum Group Inc.’s holdings in Medtronic were worth $701,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Lynx Investment Advisory acquired a new stake in shares of Medtronic during the second quarter worth $28,000. Tributary Capital Management LLC acquired a new position in shares of Medtronic in the 1st quarter valued at about $33,000. Riverview Trust Co bought a new stake in shares of Medtronic during the 1st quarter valued at about $39,000. Gleason Group Inc. acquired a new stake in Medtronic during the second quarter worth approximately $42,000. Finally, Opal Wealth Advisors LLC bought a new stake in Medtronic in the second quarter worth approximately $43,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Price Performance

MDT opened at $92.24 on Monday. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $92.25. The company has a market cap of $118.28 billion, a price-to-earnings ratio of 33.54, a price-to-earnings-growth ratio of 2.53 and a beta of 0.84. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The stock has a fifty day simple moving average of $88.45 and a two-hundred day simple moving average of $83.58.

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

Medtronic Announces Dividend

The business also recently declared 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 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 currently 101.82%.

Analyst Upgrades and Downgrades

MDT has been the subject of several research analyst reports. Citigroup lifted their price objective on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. Truist Financial upped their price objective on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a report on Monday, October 14th. 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. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Finally, UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $95.36.

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.