Exchange Traded Concepts LLC Lowers Holdings in Medtronic plc (NYSE:MDT)

Exchange Traded Concepts LLC trimmed its position in Medtronic plc (NYSE:MDT) by 98.4% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 1,748 shares of the medical technology company’s stock after selling 110,756 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Medtronic were worth $157,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Lynx Investment Advisory purchased a new stake in shares of Medtronic in the 2nd quarter worth $28,000. Tributary Capital Management LLC purchased a new stake in shares of Medtronic in the 1st quarter worth $33,000. Riverview Trust Co purchased a new stake in shares of Medtronic in the 1st quarter worth $39,000. Gleason Group Inc. purchased a new stake in shares of Medtronic in the 2nd quarter worth $42,000. Finally, Opal Wealth Advisors LLC purchased a new stake in shares of Medtronic in the 2nd quarter worth $43,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Down 1.3 %

Shares of MDT stock opened at $91.05 on Tuesday. The stock’s 50-day simple moving average is $88.65 and its 200-day simple moving average is $83.63. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The firm has a market capitalization of $116.75 billion, a PE ratio of 33.11, a P/E/G ratio of 2.53 and a beta of 0.84. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $92.25.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company’s revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.20 earnings per share. Equities analysts expect that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio is presently 101.82%.

Wall Street Analyst Weigh In

MDT has been the subject of several research reports. Evercore ISI upped their target price on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Robert W. Baird upped their price objective on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Wells Fargo & Company upped their price objective on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Stifel Nicolaus upped their price objective on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Finally, Truist Financial upped their price objective on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Monday, October 14th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $95.36.

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.