Fullcircle Wealth LLC Cuts Stake in Medtronic plc (NYSE:MDT)

Fullcircle Wealth LLC decreased its holdings in Medtronic plc (NYSE:MDT) by 4.2% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 26,561 shares of the medical technology company’s stock after selling 1,153 shares during the period. Medtronic makes up about 1.1% of Fullcircle Wealth LLC’s holdings, making the stock its 21st biggest holding. Fullcircle Wealth LLC’s holdings in Medtronic were worth $2,406,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in MDT. Fortitude Family Office LLC bought a new stake in Medtronic during the 3rd quarter valued at $27,000. Highline Wealth Partners LLC bought a new stake in Medtronic during the 3rd quarter valued at $27,000. Lynx Investment Advisory bought a new stake in Medtronic during the 2nd quarter valued at $28,000. Gleason Group Inc. bought a new stake in Medtronic during the 2nd quarter valued at $42,000. Finally, Opal Wealth Advisors LLC bought a new stake in Medtronic during the 2nd quarter valued at $43,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of NYSE MDT traded up $0.82 during trading on Friday, reaching $90.07. 5,052,408 shares of the company traded hands, compared to its average volume of 6,204,974. The firm has a 50 day simple moving average of $89.64 and a 200-day simple moving average of $84.13. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $115.51 billion, a PE ratio of 30.43, a P/E/G ratio of 2.59 and a beta of 0.84. Medtronic plc has a 52-week low of $69.32 and a 52-week high of $92.68.

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

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date was Friday, September 27th. Medtronic’s payout ratio is 94.59%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Barclays upped their price target on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Citigroup upped their price objective on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. Oppenheimer upped their price objective on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. Finally, Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $95.36.

Medtronic Company 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.