Medtronic plc (NYSE:MDT) is Foyston Gordon & Payne Inc’s 9th Largest Position

Foyston Gordon & Payne Inc reduced its position in shares of Medtronic plc (NYSE:MDT) by 0.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 187,632 shares of the medical technology company’s stock after selling 939 shares during the period. Medtronic accounts for approximately 3.6% of Foyston Gordon & Payne Inc’s portfolio, making the stock its 9th largest position. Foyston Gordon & Payne Inc’s holdings in Medtronic were worth $14,769,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. MeadowBrook Investment Advisors LLC purchased a new stake in shares of Medtronic during the fourth quarter worth about $27,000. LifeSteps Financial Inc. purchased a new stake in Medtronic in the first quarter worth about $27,000. Lynx Investment Advisory purchased a new stake in Medtronic in the second quarter worth about $28,000. Tributary Capital Management LLC purchased a new stake in Medtronic in the first quarter worth about $33,000. Finally, Fortis Group Advisors LLC lifted its holdings in Medtronic by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after buying an additional 230 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Medtronic

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the completion of the sale, the chief executive officer now directly owns 143,348 shares in the company, valued at approximately $12,008,261.96. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.30% of the company’s stock.

Medtronic Stock Performance

Shares of MDT opened at $88.58 on Friday. 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 business’s 50 day moving average price is $81.32 and its 200-day moving average price is $82.43. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $90.13. The stock has a market cap of $113.60 billion, a P/E ratio of 32.21, a P/E/G ratio of 2.52 and a beta of 0.82.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same period in the previous year, the business earned $1.20 EPS. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. Equities research analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.16%. Medtronic’s dividend payout ratio is presently 101.82%.

Analysts Set New Price Targets

Several analysts have commented on the stock. Piper Sandler raised their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Robert W. Baird raised their price objective on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Citigroup lowered their price objective on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. Barclays raised their price objective on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus 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.