Granite Group Advisors LLC Sells 446 Shares of Medtronic plc (NYSE:MDT)

Granite Group Advisors LLC trimmed its holdings in shares of Medtronic plc (NYSE:MDT) by 1.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 27,219 shares of the medical technology company’s stock after selling 446 shares during the quarter. Medtronic comprises about 1.6% of Granite Group Advisors LLC’s investment portfolio, making the stock its 14th largest holding. Granite Group Advisors LLC’s holdings in Medtronic were worth $2,451,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of MDT. Philip James Wealth Mangement LLC increased its holdings in shares of Medtronic by 10.6% during the third quarter. Philip James Wealth Mangement LLC now owns 2,900 shares of the medical technology company’s stock worth $261,000 after purchasing an additional 279 shares during the period. Comprehensive Financial Consultants Institutional Inc. increased its stake in Medtronic by 3.8% during the 3rd quarter. Comprehensive Financial Consultants Institutional Inc. now owns 43,645 shares of the medical technology company’s stock worth $3,929,000 after acquiring an additional 1,588 shares during the period. Trinity Legacy Partners LLC increased its stake in Medtronic by 8.1% during the 3rd quarter. Trinity Legacy Partners LLC now owns 55,892 shares of the medical technology company’s stock worth $5,031,000 after acquiring an additional 4,181 shares during the period. Confluence Investment Management LLC raised its holdings in Medtronic by 0.9% in the 3rd quarter. Confluence Investment Management LLC now owns 216,499 shares of the medical technology company’s stock valued at $19,491,000 after acquiring an additional 1,853 shares in the last quarter. Finally, Beacon Harbor Wealth Advisors Inc. lifted its position in shares of Medtronic by 2.2% during the 3rd quarter. Beacon Harbor Wealth Advisors Inc. now owns 73,047 shares of the medical technology company’s stock valued at $6,576,000 after acquiring an additional 1,587 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MDT. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Friday, October 25th. Barclays boosted their target price on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Finally, UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and raised their target price for the company from $76.00 to $90.00 in a report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Medtronic has a consensus rating of “Hold” and an average price target of $95.36.

Medtronic Price Performance

MDT traded up $0.31 on Friday, reaching $88.43. The stock had a trading volume of 964,601 shares, compared to its average volume of 6,168,224. The firm has a 50-day moving average of $89.69 and a 200-day moving average of $84.38. Medtronic plc has a fifty-two week low of $69.32 and a fifty-two week high of $92.68. The company has a market capitalization of $113.41 billion, a price-to-earnings ratio of 29.77, a price-to-earnings-growth ratio of 2.55 and a beta of 0.84. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The firm had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.20 EPS. As a group, sell-side analysts anticipate that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Announces Dividend

The business also recently announced 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 3.17%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio is currently 94.59%.

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.