Medtronic plc (NYSE:MDT) Shares Sold by Edge Capital Group LLC

Edge Capital Group LLC reduced its position in Medtronic plc (NYSE:MDT) by 92.9% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 3,441 shares of the medical technology company’s stock after selling 45,065 shares during the quarter. Edge Capital Group LLC’s holdings in Medtronic were worth $271,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. Chemung Canal Trust Co. raised its holdings in Medtronic by 1,467.5% during the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock worth $4,175,000 after purchasing an additional 44,846 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of Medtronic during the 2nd quarter worth approximately $25,643,000. TD Asset Management Inc lifted its holdings in shares of Medtronic by 4.3% in the 4th quarter. TD Asset Management Inc now owns 1,034,214 shares of the medical technology company’s stock valued at $85,199,000 after buying an additional 42,988 shares during the period. SageView Advisory Group LLC raised its position in Medtronic by 130.3% in the first quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock worth $1,467,000 after acquiring an additional 9,523 shares in the last quarter. Finally, Camden National Bank increased its holdings in shares of Medtronic by 98.7% in the 4th quarter. Camden National Bank now owns 120,054 shares of the medical technology company’s stock valued at $9,890,000 after purchasing an additional 59,625 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

MDT stock opened at $89.34 on Monday. The stock has a market capitalization of $114.56 billion, a price-to-earnings ratio of 32.49, a price-to-earnings-growth 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. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $91.49. The stock’s fifty day simple moving average is $84.77 and its 200-day simple moving average is $82.96.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.20 earnings per share. Equities research analysts expect that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a $0.70 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.13%. Medtronic’s payout ratio is 101.82%.

Analysts Set New Price Targets

MDT has been the topic of a number of research analyst reports. Piper Sandler boosted their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Wells Fargo & Company boosted their target price on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and raised their target price for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Finally, Oppenheimer increased their target price on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $92.92.

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.