Parsons Capital Management Inc. RI Trims Holdings in Medtronic plc (NYSE:MDT)

Parsons Capital Management Inc. RI lessened its stake in Medtronic plc (NYSE:MDT) by 9.9% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 28,712 shares of the medical technology company’s stock after selling 3,146 shares during the period. Parsons Capital Management Inc. RI’s holdings in Medtronic were worth $2,260,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MDT. Norges Bank purchased a new stake in Medtronic during the 4th quarter worth about $1,229,726,000. First Eagle Investment Management LLC lifted its stake in Medtronic by 54.5% during the fourth quarter. First Eagle Investment Management LLC now owns 9,409,680 shares of the medical technology company’s stock worth $775,169,000 after purchasing an additional 3,320,800 shares during the last quarter. M&G Plc acquired a new position in Medtronic in the first quarter valued at approximately $259,160,000. Capital Research Global Investors increased its stake in Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock valued at $2,691,577,000 after purchasing an additional 2,044,109 shares during the last quarter. Finally, Pzena Investment Management LLC raised its holdings in Medtronic by 30.9% during the fourth quarter. Pzena Investment Management LLC now owns 7,500,562 shares of the medical technology company’s stock worth $617,896,000 after purchasing an additional 1,769,985 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Up 1.8 %

Shares of MDT stock opened at $86.33 on Tuesday. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $89.18. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. The business’s fifty day moving average is $80.04 and its 200-day moving average is $82.28. The stock has a market cap of $110.70 billion, a PE ratio of 30.84, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.01. The company had revenue of $8.59 billion for the quarter, compared to analysts’ expectations of $8.44 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The firm’s revenue was up .5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.57 earnings per share. Equities analysts expect that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.24%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio is currently 101.82%.

Analysts Set New Price Targets

Several research analysts have commented on the company. Truist Financial cut their price target on Medtronic from $88.00 to $85.00 and set a “hold” rating on the stock in a research report on Tuesday, July 16th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Monday, August 12th. The Goldman Sachs Group initiated coverage on Medtronic in a research note on Thursday, May 30th. They set a “sell” rating and a $83.00 target price for the company. Stifel Nicolaus lowered shares of Medtronic from a “buy” rating to a “hold” rating and decreased their target price for the stock from $100.00 to $85.00 in a research report on Wednesday, August 14th. Finally, Wells Fargo & Company upped their price target on Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a report on Friday, May 24th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $91.30.

Insiders Place Their Bets

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $83.77, for a total value of $1,601,096.01. Following the transaction, the chief executive officer now owns 143,348 shares in the company, valued at approximately $12,008,261.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.30% of the company’s stock.

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.