Medtronic plc (NYSE:MDT) Shares Sold by Inscription Capital LLC

Inscription Capital LLC lowered its stake in shares of Medtronic plc (NYSE:MDT) by 5.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,157 shares of the medical technology company’s stock after selling 498 shares during the quarter. Inscription Capital LLC’s holdings in Medtronic were worth $734,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Smithbridge Asset Management Inc. DE lifted its holdings in Medtronic by 6.8% in the third quarter. Smithbridge Asset Management Inc. DE now owns 59,327 shares of the medical technology company’s stock valued at $5,341,000 after acquiring an additional 3,757 shares during the period. Klein Pavlis & Peasley Financial Inc. grew its holdings in shares of Medtronic by 57.5% in the 3rd quarter. Klein Pavlis & Peasley Financial Inc. now owns 25,124 shares of the medical technology company’s stock worth $2,262,000 after acquiring an additional 9,168 shares during the period. Clear Harbor Asset Management LLC increased its stake in shares of Medtronic by 1.2% during the 3rd quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock worth $861,000 after purchasing an additional 111 shares in the last quarter. Smith Salley Wealth Management raised its position in shares of Medtronic by 10.5% during the 3rd quarter. Smith Salley Wealth Management now owns 173,168 shares of the medical technology company’s stock worth $15,590,000 after purchasing an additional 16,402 shares during the last quarter. Finally, Mattern Capital Management LLC lifted its stake in Medtronic by 0.3% in the 3rd quarter. Mattern Capital Management LLC now owns 97,978 shares of the medical technology company’s stock valued at $8,821,000 after buying an additional 339 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

MDT has been the subject of a number of analyst reports. Wells Fargo & Company boosted their price target on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Evercore ISI boosted their price target on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. Truist Financial increased their target price on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research report on Monday, October 14th. Finally, Robert W. Baird lifted their price target on shares of Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $95.36.

Medtronic Stock Up 0.6 %

Shares of Medtronic stock traded up $0.58 on Monday, hitting $91.17. 341,571 shares of the company traded hands, compared to its average volume of 6,186,631. Medtronic plc has a 12-month low of $68.84 and a 12-month 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 company has a market cap of $116.90 billion, a PE ratio of 32.94, a PEG ratio of 2.60 and a beta of 0.84. The company has a 50-day moving average price of $89.30 and a 200 day moving average price of $83.85.

Medtronic (NYSE:MDT) last issued its 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 company had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business’s revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.20 EPS. Sell-side analysts predict that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a $0.70 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.07%. Medtronic’s dividend payout ratio is currently 101.82%.

About Medtronic

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.