M&G Plc Trims Holdings in Medtronic plc (NYSE:MDT)

M&G Plc decreased its holdings in Medtronic plc (NYSE:MDT) by 4.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,713,663 shares of the medical technology company’s stock after selling 139,912 shares during the quarter. Medtronic comprises 1.2% of M&G Plc’s investment portfolio, making the stock its 15th largest holding. M&G Plc owned 0.21% of Medtronic worth $244,230,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of MDT. Fortitude Family Office LLC purchased a new position in Medtronic during the 3rd quarter worth $27,000. Highline Wealth Partners LLC purchased a new position in Medtronic during the 3rd quarter worth $27,000. Lynx Investment Advisory purchased a new position in Medtronic during the 2nd quarter worth $28,000. Gleason Group Inc. purchased a new position in Medtronic during the 2nd quarter worth $42,000. Finally, Opal Wealth Advisors LLC purchased a new position in Medtronic during the 2nd quarter worth $43,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

MDT has been the topic of a number of recent analyst reports. Barclays upped their price target on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and upped their price target for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Robert W. Baird upped their price target 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. Citigroup upped their price target on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Finally, Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. One 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 given a strong buy rating to the stock. Based on data from MarketBeat.com, Medtronic currently has an average rating of “Hold” and a consensus price target of $95.36.

Medtronic Price Performance

Medtronic stock opened at $90.09 on Thursday. Medtronic plc has a 12-month low of $69.32 and a 12-month high of $92.68. The stock has a market capitalization of $115.54 billion, a P/E ratio of 30.44, a P/E/G ratio of 2.55 and a beta of 0.84. The firm’s 50-day moving average is $89.69 and its two-hundred day moving average is $84.38. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. During the same period last year, the company earned $1.20 EPS. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. Equities analysts predict that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.11%. Medtronic’s payout ratio is currently 94.59%.

Medtronic Company 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.