Clarius Group LLC Decreases Position in Medtronic plc (NYSE:MDT)

Clarius Group LLC decreased its stake in Medtronic plc (NYSE:MDT) by 7.0% in the third quarter, Holdings Channel.com reports. The firm owned 3,848 shares of the medical technology company’s stock after selling 289 shares during the period. Clarius Group LLC’s holdings in Medtronic were worth $344,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Lynx Investment Advisory purchased a new position in Medtronic during the second quarter worth $28,000. Tributary Capital Management LLC purchased a new position in shares of Medtronic during the 1st quarter worth about $33,000. Riverview Trust Co bought a new position in Medtronic during the 1st quarter valued at about $39,000. Fortis Group Advisors LLC raised its position 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 purchasing an additional 230 shares during the period. Finally, Gleason Group Inc. bought a new stake in Medtronic in the second quarter worth about $42,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of MDT stock opened at $89.36 on Friday. The firm has a market cap of $114.58 billion, a price-to-earnings ratio of 32.49, a PEG ratio of 2.53 and a beta of 0.84. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $91.49. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The company’s 50 day moving average is $87.54 and its 200 day moving average is $83.46.

Medtronic (NYSE:MDT) last announced its quarterly earnings results 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. The business had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. During the same period last year, the business posted $1.20 EPS. The business’s revenue was up 3.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio is currently 101.82%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on MDT shares. Piper Sandler upped their target price on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Robert W. Baird increased their target price on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Truist Financial boosted their target price on shares of Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research note on Friday, August 23rd. Evercore ISI raised their price target on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Finally, Wells Fargo & Company boosted their price objective on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $95.14.

Medtronic Company 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.