Medtronic plc (NYSE:MDT) Shares Sold by Park Edge Advisors LLC

Park Edge Advisors LLC reduced its position in Medtronic plc (NYSE:MDT) by 6.6% during the 1st quarter, Holdings Channel.com reports. The firm owned 3,340 shares of the medical technology company’s stock after selling 235 shares during the period. Park Edge Advisors LLC’s holdings in Medtronic were worth $300,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Medtronic during the fourth quarter valued at about $1,163,580,000. Raymond James Financial Inc. purchased a new position in Medtronic in the 4th quarter worth $852,732,000. Beutel Goodman & Co Ltd. acquired a new stake in Medtronic during the 4th quarter worth about $377,169,000. Van ECK Associates Corp grew its stake in Medtronic by 2,043.4% during the 4th quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock valued at $207,540,000 after purchasing an additional 2,476,935 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of Medtronic by 17.8% in the fourth quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock worth $1,233,769,000 after purchasing an additional 2,333,600 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and upped their target price for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Truist Financial cut their price objective on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research note on Friday, April 11th. UBS Group boosted their target price on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Royal Bank of Canada lowered their price target on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a report on Thursday, May 22nd. Finally, Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Monday, May 19th. Nine analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $97.00.

Medtronic Trading Up 2.2%

Shares of MDT stock opened at $85.58 on Wednesday. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The firm has a market capitalization of $109.76 billion, a P/E ratio of 26.01, a PEG ratio of 2.22 and a beta of 0.81. The stock’s fifty day moving average is $84.04 and its two-hundred day moving average is $86.16. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90.

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

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be given a dividend of $0.71 per share. This is an increase from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.32%. Medtronic’s dividend payout ratio (DPR) is presently 78.45%.

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.