FRG Family Wealth Advisors LLC Cuts Stock Holdings in Medtronic plc (NYSE:MDT)

FRG Family Wealth Advisors LLC lowered its position in Medtronic plc (NYSE:MDT) by 8.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,353 shares of the medical technology company’s stock after selling 1,057 shares during the period. FRG Family Wealth Advisors LLC’s holdings in Medtronic were worth $917,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in MDT. International Assets Investment Management LLC grew its holdings in shares of Medtronic by 2.5% in the fourth quarter. International Assets Investment Management LLC now owns 12,607 shares of the medical technology company’s stock valued at $1,039,000 after acquiring an additional 302 shares in the last quarter. Gryphon Financial Partners LLC bought a new position in Medtronic in the 4th quarter valued at $220,000. AGF Management Ltd. bought a new position in Medtronic in the 4th quarter valued at $822,000. Qsemble Capital Management LP purchased a new stake in shares of Medtronic during the 4th quarter valued at $506,000. Finally, Jump Financial LLC raised its stake in shares of Medtronic by 109.2% during the 4th quarter. Jump Financial LLC now owns 6,256 shares of the medical technology company’s stock worth $515,000 after purchasing an additional 3,266 shares during the period. 82.06% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MDT. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and increased their price target for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. Robert W. Baird lifted their price target on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Daiwa America raised Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Finally, Truist Financial boosted their target price on Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research note on Friday, August 23rd. One research analyst has rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $92.92.

Medtronic Trading Up 0.8 %

Shares of MDT opened at $90.60 on Tuesday. The business’s 50-day moving average price is $82.56 and its 200-day moving average price is $82.62. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.49. The stock has a market cap of $116.19 billion, a PE ratio of 32.95, a P/E/G ratio of 2.56 and a beta of 0.84.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.20 earnings per share. On average, equities analysts forecast that Medtronic plc will post 5.46 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. Stockholders of record on Friday, September 27th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.09%. The ex-dividend date is Friday, September 27th. Medtronic’s payout ratio is 101.82%.

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.