Brighton Jones LLC Sells 696 Shares of Medtronic plc (NYSE:MDT)

Brighton Jones LLC decreased its stake in shares of Medtronic plc (NYSE:MDT) by 6.6% in the second quarter, Holdings Channel.com reports. The fund owned 9,858 shares of the medical technology company’s stock after selling 696 shares during the period. Brighton Jones LLC’s holdings in Medtronic were worth $776,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. LifeSteps Financial Inc. purchased a new position in shares of Medtronic during the first quarter valued at about $27,000. Lynx Investment Advisory bought a new position in Medtronic during the second quarter valued at approximately $28,000. Tributary Capital Management LLC purchased a new position in Medtronic during the 1st quarter valued at approximately $33,000. Fortis Group Advisors LLC increased its stake in Medtronic by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after acquiring an additional 230 shares during the last quarter. Finally, Riverview Trust Co bought a new stake in Medtronic in the 1st quarter worth approximately $39,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of MDT opened at $89.34 on Friday. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The firm has a market cap of $114.56 billion, a PE ratio of 32.49, a P/E/G ratio of 2.57 and a beta of 0.84. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.49. The stock has a fifty day moving average price of $84.77 and a 200-day moving average price of $82.97.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 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 period last year, the business posted $1.20 earnings per share. The firm’s revenue was up 3.4% compared to the same quarter last year. Equities research analysts predict that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

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

Analyst Ratings Changes

A number of equities analysts have commented on MDT shares. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Barclays upped their price objective on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. Wells Fargo & Company raised their price target on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a report on Wednesday, August 21st. One 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. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $92.92.

About Medtronic

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.