Medtronic plc (NYSE:MDT) Shares Sold by Legacy Wealth Asset Management LLC

Legacy Wealth Asset Management LLC lowered its position in Medtronic plc (NYSE:MDT) by 5.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,023 shares of the medical technology company’s stock after selling 1,076 shares during the period. Legacy Wealth Asset Management LLC’s holdings in Medtronic were worth $1,533,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Lynx Investment Advisory acquired a new position in Medtronic during the second quarter worth about $28,000. Tributary Capital Management LLC purchased a new stake in shares of Medtronic in the first quarter valued at $33,000. Gleason Group Inc. acquired a new stake in shares of Medtronic during the second quarter valued at $42,000. Opal Wealth Advisors LLC purchased a new stake in Medtronic during the 2nd quarter worth about $43,000. Finally, Olistico Wealth LLC acquired a new position in Medtronic in the 2nd quarter valued at about $45,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

Medtronic stock opened at $90.59 on Friday. The firm has a fifty day moving average of $89.30 and a 200-day moving average of $83.84. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $92.68. 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 firm has a market capitalization of $116.18 billion, a P/E ratio of 30.60, a PEG ratio of 2.60 and a beta of 0.84.

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 the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.20 EPS. As a group, analysts predict that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.09%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 94.59%.

Wall Street Analyst Weigh In

MDT has been the topic of several analyst reports. Stifel Nicolaus raised their price target on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Truist Financial lifted their target price on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Monday, October 14th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Friday. Piper Sandler lifted their price objective on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Finally, Oppenheimer increased their target price on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $95.36.

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.