Neville Rodie & Shaw Inc. Trims Stake in Medtronic plc (NYSE:MDT)

Neville Rodie & Shaw Inc. lessened its holdings in shares of Medtronic plc (NYSE:MDT) by 23.0% during the 3rd quarter, HoldingsChannel reports. The fund owned 10,568 shares of the medical technology company’s stock after selling 3,160 shares during the quarter. Neville Rodie & Shaw Inc.’s holdings in Medtronic were worth $951,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of MDT. LifeSteps Financial Inc. bought a new stake in Medtronic during the first quarter valued at about $27,000. Lynx Investment Advisory purchased a new position in shares of Medtronic during the 2nd quarter valued at about $28,000. Tributary Capital Management LLC bought a new position in shares of Medtronic during the 1st quarter valued at approximately $33,000. Fortis Group Advisors LLC raised its stake in Medtronic by 100.0% during 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 period. Finally, Riverview Trust Co purchased a new position in Medtronic during the first quarter valued at approximately $39,000. Institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research note on Wednesday, August 21st. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and raised their price target for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Evercore ISI upped their price objective on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday. Barclays increased their target price on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $94.21.

Medtronic Trading Down 1.0 %

Shares of MDT opened at $89.10 on Thursday. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.49. The company has a market cap of $114.25 billion, a P/E ratio of 32.40, a P/E/G ratio of 2.56 and a beta of 0.84. 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 company’s fifty day simple moving average is $86.39 and its 200-day simple moving average is $83.23.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter last year, the firm earned $1.20 earnings per share. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. As a group, analysts expect that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.14%. Medtronic’s dividend payout ratio (DPR) is 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.