Medtronic plc (NYSE:MDT) Shares Sold by West Michigan Advisors LLC

West Michigan Advisors LLC lessened its holdings in shares of Medtronic plc (NYSE:MDT) by 1.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,392 shares of the medical technology company’s stock after selling 111 shares during the quarter. West Michigan Advisors LLC’s holdings in Medtronic were worth $761,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in MDT. Lynx Investment Advisory acquired a new stake in Medtronic in the second quarter valued at approximately $28,000. Tributary Capital Management LLC acquired a new stake in shares of Medtronic in the 1st quarter valued at $33,000. Gleason Group Inc. purchased a new stake in shares of Medtronic during the 2nd quarter worth $42,000. Opal Wealth Advisors LLC acquired a new position in shares of Medtronic during the second quarter worth $43,000. Finally, Olistico Wealth LLC purchased a new position in Medtronic in the second quarter valued at $45,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. Wells Fargo & Company lifted their price target on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. Barclays lifted their price target on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Finally, Piper Sandler lifted their price target on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. 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 company’s stock. Based on data from MarketBeat.com, Medtronic currently has an average rating of “Hold” and a consensus price target of $95.36.

Medtronic Price Performance

Shares of NYSE:MDT opened at $90.99 on Friday. Medtronic plc has a one year low of $68.84 and a one year high of $92.68. The stock has a market capitalization of $116.67 billion, a price-to-earnings ratio of 33.09, a PEG ratio of 2.53 and a beta of 0.84. The company has a 50-day simple moving average of $89.04 and a 200-day simple moving average of $83.74. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13.

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

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were given 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 yield of 3.08%. Medtronic’s dividend payout ratio (DPR) is 101.82%.

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.