MGO One Seven LLC Sells 2,556 Shares of Medtronic plc (NYSE:MDT)

MGO One Seven LLC lowered its position in Medtronic plc (NYSE:MDT) by 10.8% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 21,059 shares of the medical technology company’s stock after selling 2,556 shares during the quarter. MGO One Seven LLC’s holdings in Medtronic were worth $1,658,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the business. LifeSteps Financial Inc. bought a new position in shares of Medtronic in the first quarter worth about $27,000. Lynx Investment Advisory purchased a new position in Medtronic in the 2nd quarter worth approximately $28,000. Tributary Capital Management LLC purchased a new stake in Medtronic during the 1st quarter valued at approximately $33,000. Riverview Trust Co bought a new stake in shares of Medtronic during the first quarter valued at approximately $39,000. Finally, Fortis Group Advisors LLC lifted its holdings in shares of Medtronic by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after buying an additional 230 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

Medtronic stock opened at $90.00 on Friday. The firm has a market capitalization of $115.40 billion, a P/E ratio of 32.73, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84. The company’s 50-day moving average is $83.35 and its 200 day moving average is $82.76. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.49. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter in the previous year, the business earned $1.20 EPS. Medtronic’s revenue was up 3.4% compared to the same quarter last year. Research analysts forecast that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.11%. Medtronic’s payout ratio is 101.82%.

Analyst Upgrades and Downgrades

MDT has been the topic of a number of research reports. Truist Financial lifted their price target on shares of Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a report on Friday, August 23rd. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Oppenheimer increased their price target on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. Barclays lifted their price objective on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $92.92.

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.