Benjamin Edwards Inc. Sells 393 Shares of Medtronic plc (NYSE:MDT)

Benjamin Edwards Inc. lessened its stake in Medtronic plc (NYSE:MDT) by 4.6% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 8,237 shares of the medical technology company’s stock after selling 393 shares during the period. Benjamin Edwards Inc.’s holdings in Medtronic were worth $648,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Benjamin F. Edwards & Company Inc. raised its position in shares of Medtronic by 0.5% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 223,946 shares of the medical technology company’s stock worth $17,627,000 after acquiring an additional 1,185 shares during the last quarter. Wealth Advisors of Tampa Bay LLC increased its position in Medtronic by 7.2% in the second quarter. Wealth Advisors of Tampa Bay LLC now owns 40,019 shares of the medical technology company’s stock worth $3,150,000 after purchasing an additional 2,675 shares during the period. Ieq Capital LLC increased its position in Medtronic by 18.8% in the second quarter. Ieq Capital LLC now owns 64,510 shares of the medical technology company’s stock worth $5,078,000 after purchasing an additional 10,187 shares during the period. ProVise Management Group LLC raised its holdings in Medtronic by 5.0% during the 2nd quarter. ProVise Management Group LLC now owns 109,506 shares of the medical technology company’s stock worth $8,619,000 after purchasing an additional 5,169 shares during the last quarter. Finally, MQS Management LLC lifted its position in Medtronic by 62.1% during the 2nd quarter. MQS Management LLC now owns 9,363 shares of the medical technology company’s stock valued at $737,000 after purchasing an additional 3,587 shares during the period. Institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on MDT shares. The Goldman Sachs Group initiated coverage on shares of Medtronic in a research report on Thursday, May 30th. They set a “sell” rating and a $83.00 price target for the company. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Robert W. Baird increased their price target on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Barclays raised their price target on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Finally, Citigroup dropped their price objective on Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $92.92.

Medtronic Stock Down 0.1 %

Shares of Medtronic stock opened at $89.35 on Friday. The company has a market capitalization of $114.57 billion, a P/E ratio of 32.49, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The business has a 50-day moving average of $84.77 and a two-hundred day moving average of $82.99. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.49.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (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 business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same period in the prior year, the business earned $1.20 EPS. Medtronic’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, equities analysts predict that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

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 given a $0.70 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.13%. Medtronic’s dividend payout ratio is currently 101.82%.

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.