Farmers & Merchants Investments Inc. Sells 1,730 Shares of Medtronic plc (NYSE:MDT)

Farmers & Merchants Investments Inc. trimmed its position in Medtronic plc (NYSE:MDT) by 1.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 138,436 shares of the medical technology company’s stock after selling 1,730 shares during the period. Farmers & Merchants Investments Inc.’s holdings in Medtronic were worth $10,896,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. LifeSteps Financial Inc. purchased a new stake in shares of Medtronic in the 1st quarter worth about $27,000. Lynx Investment Advisory bought a new stake in Medtronic during 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. Fortis Group Advisors LLC increased its stake in shares of Medtronic by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after purchasing an additional 230 shares in the last quarter. Finally, Riverview Trust Co purchased a new position in shares of Medtronic during the first quarter valued at approximately $39,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of MDT stock traded up $0.68 on Friday, reaching $90.07. The stock had a trading volume of 833,139 shares, compared to its average volume of 6,267,680. The stock has a market cap of $115.49 billion, a P/E ratio of 32.51, a price-to-earnings-growth ratio of 2.52 and a beta of 0.82. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.49. The company has a 50 day simple moving average of $82.06 and a 200 day simple moving average of $82.59.

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, topping the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. During the same period last year, the firm posted $1.20 earnings per share. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. Equities research analysts expect that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.11%. Medtronic’s dividend payout ratio (DPR) is 101.82%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on MDT shares. Truist Financial upped their price target on Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. Royal Bank of Canada restated a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a report on Wednesday, August 21st. Wells Fargo & Company upped their price target on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Finally, Piper Sandler raised their price target on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently 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.