Harbor Investment Advisory LLC Cuts Stake in Medtronic plc (NYSE:MDT)

Harbor Investment Advisory LLC decreased its stake in Medtronic plc (NYSE:MDT) by 1.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,173 shares of the medical technology company’s stock after selling 212 shares during the period. Harbor Investment Advisory LLC’s holdings in Medtronic were worth $1,004,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Mainstream Capital Management LLC purchased a new stake in shares of Medtronic during the fourth quarter valued at approximately $26,000. Stephens Consulting LLC increased its stake in Medtronic by 145.7% during the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after buying an additional 204 shares during the period. Rakuten Securities Inc. lifted its holdings in Medtronic by 753.8% in the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock worth $27,000 after buying an additional 294 shares in the last quarter. Wood Tarver Financial Group LLC purchased a new position in Medtronic in the 4th quarter valued at about $27,000. Finally, Optiver Holding B.V. acquired a new stake in shares of Medtronic during the fourth quarter valued at about $31,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Wall Street Zen downgraded Medtronic from a “buy” rating to a “hold” rating in a report on Saturday, May 24th. Mizuho reduced their target price on Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a research note on Thursday, May 22nd. Truist Financial dropped their price target on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research note on Friday, April 11th. Robert W. Baird cut their price target on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a report on Thursday, May 22nd. Finally, Royal Bank of Canada decreased their price objective on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a report on Thursday, May 22nd. Nine investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $97.00.

Medtronic Stock Performance

Shares of NYSE MDT opened at $83.73 on Tuesday. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The firm’s 50-day moving average price is $84.10 and its two-hundred day moving average price is $86.17. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $96.25. The stock has a market capitalization of $107.38 billion, a P/E ratio of 25.45, a P/E/G ratio of 2.22 and a beta of 0.81.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.04. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The business had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. During the same quarter last year, the business posted $1.46 EPS. The business’s revenue was up 3.9% on a year-over-year basis. As a group, sell-side analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date of this dividend is Friday, June 27th. This is a boost from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio (DPR) is 78.45%.

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.