Medtronic plc (NYSE:MDT) Shares Sold by Brookstone Capital Management

Brookstone Capital Management lowered its position in Medtronic plc (NYSE:MDT) by 43.5% in the third quarter, HoldingsChannel reports. The firm owned 17,977 shares of the medical technology company’s stock after selling 13,819 shares during the period. Brookstone Capital Management’s holdings in Medtronic were worth $1,618,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MDT. Lynx Investment Advisory purchased a new stake in shares of Medtronic in the 2nd quarter valued at approximately $28,000. Tributary Capital Management LLC acquired a new position in Medtronic in the first quarter valued at approximately $33,000. Fortis Group Advisors LLC grew its position in 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 acquiring an additional 230 shares during the period. Riverview Trust Co acquired a new stake in Medtronic during the first quarter worth $39,000. Finally, Gleason Group Inc. purchased a new stake in Medtronic in the second quarter valued at $42,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Daiwa America upgraded Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Wells Fargo & Company increased their target price on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Oppenheimer lifted their price target on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report on Wednesday, August 21st. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Finally, Piper Sandler lifted their target price on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $95.14.

Medtronic Price Performance

Shares of NYSE MDT opened at $89.35 on Friday. 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 company has a market cap of $114.57 billion, a price-to-earnings ratio of 32.49, a price-to-earnings-growth ratio of 2.53 and a beta of 0.84. The stock’s 50-day moving average is $87.54 and its two-hundred day moving average is $83.46. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.49.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same period in the prior year, the firm earned $1.20 earnings per share. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. Analysts forecast that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given a dividend of $0.70 per share. The ex-dividend date was Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.13%. Medtronic’s dividend payout ratio (DPR) 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.