Agate Pass Investment Management LLC Cuts Stock Holdings in Medtronic plc (NYSE:MDT)

Agate Pass Investment Management LLC reduced its position in Medtronic plc (NYSE:MDT) by 4.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 19,001 shares of the medical technology company’s stock after selling 850 shares during the period. Agate Pass Investment Management LLC’s holdings in Medtronic were worth $1,711,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Lynx Investment Advisory purchased a new stake in shares of Medtronic during the second quarter valued at $28,000. Tributary Capital Management LLC purchased a new stake in shares of Medtronic during the 1st quarter valued at about $33,000. Fortis Group Advisors LLC grew its stake in shares of 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 acquiring an additional 230 shares during the period. Riverview Trust Co purchased a new position in shares of Medtronic during the first quarter valued at approximately $39,000. Finally, Gleason Group Inc. bought a new position in Medtronic during the second quarter valued at approximately $42,000. 82.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

MDT has been the subject of a number of research reports. Oppenheimer boosted their target price on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and boosted their price target for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. Robert W. Baird increased their price objective on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. 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. Finally, Truist Financial upped their target price on shares of Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $95.14.

Medtronic Stock Performance

Shares of NYSE MDT opened at $88.85 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The company has a market cap of $113.95 billion, a P/E ratio of 30.02, a P/E/G ratio of 2.53 and a beta of 0.84. The firm’s fifty day moving average is $87.22 and its two-hundred day moving average is $83.38. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $91.49.

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 company 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%. Medtronic’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.20 EPS. As a group, analysts anticipate that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a $0.70 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.15%. Medtronic’s payout ratio is currently 94.59%.

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.