Medtronic plc (NYSE:MDT) Shares Sold by Convergence Financial LLC

Convergence Financial LLC decreased its position in Medtronic plc (NYSE:MDT) by 38.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 2,883 shares of the medical technology company’s stock after selling 1,829 shares during the period. Convergence Financial LLC’s holdings in Medtronic were worth $260,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Lynx Investment Advisory acquired a new stake in Medtronic in the second quarter valued at $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. purchased a new stake in shares of Medtronic in the second quarter valued at $42,000. Opal Wealth Advisors LLC purchased a new stake in shares of Medtronic in the second quarter valued at $43,000. Finally, Olistico Wealth LLC purchased a new stake in shares of Medtronic in the second quarter valued at $45,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Performance

Medtronic stock opened at $90.59 on Friday. The stock’s 50-day moving average is $89.30 and its 200-day moving average is $83.84. The company has a market cap of $116.18 billion, a price-to-earnings ratio of 30.60, a price-to-earnings-growth ratio of 2.60 and a beta of 0.84. 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 plc has a 12 month low of $68.84 and a 12 month high of $92.68.

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

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid 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 3.09%. Medtronic’s dividend payout ratio (DPR) is currently 94.59%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MDT. Daiwa America upgraded Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Barclays increased their target price on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Citigroup increased their target price on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and increased their target price for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Finally, Evercore ISI increased their target price on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $95.36.

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.