Centre Asset Management LLC Sells 11,968 Shares of Medtronic plc (NYSE:MDT)

Centre Asset Management LLC lowered its holdings in shares of Medtronic plc (NYSE:MDT) by 8.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 132,256 shares of the medical technology company’s stock after selling 11,968 shares during the period. Medtronic comprises 2.4% of Centre Asset Management LLC’s portfolio, making the stock its 13th largest holding. Centre Asset Management LLC’s holdings in Medtronic were worth $10,565,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Copley Financial Group Inc. acquired a new stake in shares of Medtronic during the 3rd quarter valued at about $694,000. Olstein Capital Management L.P. boosted its holdings in Medtronic by 19.2% during the third quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock valued at $7,833,000 after purchasing an additional 14,000 shares in the last quarter. Y Intercept Hong Kong Ltd grew its stake in shares of Medtronic by 322.6% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company’s stock valued at $6,626,000 after purchasing an additional 56,178 shares during the period. Ferguson Wellman Capital Management Inc. acquired a new position in shares of Medtronic in the 3rd quarter worth approximately $9,486,000. Finally, Soltis Investment Advisors LLC raised its holdings in shares of Medtronic by 30.0% in the 3rd quarter. Soltis Investment Advisors LLC now owns 88,110 shares of the medical technology company’s stock worth $7,933,000 after buying an additional 20,352 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

MDT has been the topic of a number of analyst reports. Robert W. Baird lowered their price target on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 20th. Truist Financial reduced their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. Finally, Barclays raised their price objective on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Medtronic has an average rating of “Hold” and an average target price of $95.00.

Medtronic Stock Up 0.1 %

MDT stock traded up $0.12 during trading hours on Friday, reaching $80.34. 615,951 shares of the stock were exchanged, compared to its average volume of 3,033,950. The company has a market cap of $103.02 billion, a price-to-earnings ratio of 24.57, a PEG ratio of 2.33 and a beta of 0.83. The firm’s 50-day moving average is $85.08 and its 200-day moving average is $84.85. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $92.68. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter in the prior year, the firm posted $1.25 EPS. The business’s revenue was up 5.2% on a year-over-year basis. On average, equities research analysts expect that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be issued a dividend of $0.70 per share. The ex-dividend date is Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.49%. Medtronic’s payout ratio is currently 85.63%.

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.