Private Advisor Group LLC Lowers Holdings in Medtronic plc (NYSE:MDT)

Private Advisor Group LLC reduced its stake in shares of Medtronic plc (NYSE:MDTGet Rating) by 21.7% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 137,734 shares of the medical technology company’s stock after selling 38,096 shares during the period. Private Advisor Group LLC’s holdings in Medtronic were worth $12,362,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Landmark Wealth Management LLC purchased a new stake in shares of Medtronic during the 1st quarter worth $25,000. Kenfarb & CO. purchased a new stake in shares of Medtronic during the 4th quarter worth $29,000. Syverson Strege & Co purchased a new stake in shares of Medtronic during the 1st quarter worth $29,000. Byrne Asset Management LLC purchased a new stake in shares of Medtronic during the 4th quarter worth $34,000. Finally, Mascoma Wealth Management LLC boosted its position in shares of Medtronic by 41.7% during the 1st quarter. Mascoma Wealth Management LLC now owns 394 shares of the medical technology company’s stock worth $44,000 after purchasing an additional 116 shares in the last quarter. 79.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. TheStreet lowered shares of Medtronic from a “b-” rating to a “c+” rating in a research report on Monday, August 1st. Truist Financial cut their price target on Medtronic from $111.00 to $97.00 and set a “hold” rating for the company in a research note on Wednesday, July 20th. Needham & Company LLC downgraded Medtronic from a “buy” rating to a “hold” rating in a research note on Friday, May 27th. Citigroup cut their price target on Medtronic from $120.00 to $117.00 and set a “buy” rating for the company in a research note on Friday, May 27th. Finally, Wolfe Research began coverage on Medtronic in a research note on Tuesday, July 5th. They set an “underperform” rating and a $85.00 price target for the company. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Medtronic has a consensus rating of “Hold” and a consensus target price of $111.52.

Medtronic Stock Down 3.1 %

Shares of NYSE:MDT opened at $85.73 on Thursday. The stock has a market capitalization of $113.95 billion, a P/E ratio of 22.15, a PEG ratio of 2.33 and a beta of 0.75. Medtronic plc has a 1 year low of $85.66 and a 1 year high of $131.31. The stock has a 50-day simple moving average of $90.97 and a 200-day simple moving average of $97.82. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.23 and a current ratio of 1.58.

Medtronic (NYSE:MDTGet Rating) last released its earnings results on Tuesday, August 23rd. The medical technology company reported $1.13 EPS for the quarter, beating the consensus estimate of $1.12 by $0.01. Medtronic had a return on equity of 13.64% and a net margin of 16.75%. During the same quarter in the previous year, the company posted $1.41 earnings per share. Equities analysts forecast that Medtronic plc will post 5.53 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 23rd will be paid a $0.68 dividend. The ex-dividend date of this dividend is Thursday, September 22nd. This represents a $2.72 annualized dividend and a dividend yield of 3.17%. Medtronic’s payout ratio is 70.28%.

Medtronic Profile

(Get Rating)

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.

See Also

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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