Medtronic plc (NYSE:MDT) Holdings Trimmed by Keynote Financial Services LLC

Keynote Financial Services LLC reduced its position in shares of Medtronic plc (NYSE:MDT) by 4.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,032 shares of the medical technology company’s stock after selling 400 shares during the quarter. Keynote Financial Services LLC’s holdings in Medtronic were worth $723,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Fortitude Family Office LLC acquired a new position in Medtronic during the third quarter valued at $27,000. Highline Wealth Partners LLC acquired a new position in shares of Medtronic in the 3rd quarter valued at about $27,000. Lynx Investment Advisory purchased a new stake in shares of Medtronic in the second quarter worth approximately $28,000. Gleason Group Inc. acquired a new stake in shares of Medtronic during the second quarter worth approximately $42,000. Finally, Opal Wealth Advisors LLC purchased a new position in Medtronic during the second quarter valued at approximately $43,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Trading Down 2.2 %

Medtronic stock opened at $88.12 on Friday. The firm has a 50-day moving average of $89.69 and a 200-day moving average of $84.38. Medtronic plc has a one year low of $69.32 and a one year high of $92.68. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The company has a market cap of $113.01 billion, a price-to-earnings ratio of 29.77, a P/E/G ratio of 2.55 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 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same quarter in the prior year, the business earned $1.20 EPS. Medtronic’s quarterly revenue was up 3.4% on a year-over-year basis. On average, equities analysts expect that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio is presently 94.59%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Friday, October 25th. Truist Financial boosted their target price on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday, October 14th. Robert W. Baird raised their price target on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Finally, UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and boosted their price target for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price 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.