Rathbones Group PLC Reduces Stake in Medtronic plc (NYSE:MDT)

Rathbones Group PLC decreased its position in Medtronic plc (NYSE:MDT) by 62.3% during the 2nd quarter, Holdings Channel reports. The firm owned 6,113 shares of the medical technology company’s stock after selling 10,100 shares during the quarter. Rathbones Group PLC’s holdings in Medtronic were worth $481,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in MDT. Gryphon Financial Partners LLC purchased a new stake in shares of Medtronic in the fourth quarter valued at about $220,000. Jump Financial LLC lifted its stake in Medtronic by 109.2% in the 4th quarter. Jump Financial LLC now owns 6,256 shares of the medical technology company’s stock valued at $515,000 after buying an additional 3,266 shares in the last quarter. Hillsdale Investment Management Inc. grew its holdings in Medtronic by 152.1% during the 4th quarter. Hillsdale Investment Management Inc. now owns 3,431 shares of the medical technology company’s stock valued at $283,000 after buying an additional 2,070 shares during the last quarter. Sachetta LLC purchased a new position in Medtronic during the fourth quarter worth $90,000. Finally, D.A. Davidson & CO. raised its holdings in shares of Medtronic by 3.1% in the fourth quarter. D.A. Davidson & CO. now owns 163,400 shares of the medical technology company’s stock worth $13,461,000 after acquiring an additional 4,904 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Trading Down 1.6 %

MDT stock opened at $88.63 on Wednesday. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.49. The company has a market cap of $113.65 billion, a price-to-earnings ratio of 32.23, a PEG ratio of 2.57 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The business has a fifty day simple moving average of $84.10 and a 200-day simple moving average of $82.87.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping 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 company had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same period last year, the business posted $1.20 EPS. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. On average, equities research analysts expect that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a dividend of $0.70 per share. The ex-dividend date is Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.16%. Medtronic’s dividend payout ratio is currently 101.82%.

Wall Street Analyst Weigh In

A number of research firms recently commented on MDT. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research note on Wednesday, August 21st. Barclays raised their price target on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Stifel Nicolaus boosted their price objective on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. The Goldman Sachs Group assumed coverage on shares of Medtronic in a research report on Thursday, May 30th. They set a “sell” rating and a $83.00 target price on the stock. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. One analyst has rated the stock with a sell rating, nine have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $92.92.

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.