Medtronic plc (NYSE:MDT) Shares Sold by Foundations Investment Advisors LLC

Foundations Investment Advisors LLC reduced its position in Medtronic plc (NYSE:MDT) by 4.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 14,281 shares of the medical technology company’s stock after selling 630 shares during the quarter. Foundations Investment Advisors LLC’s holdings in Medtronic were worth $1,286,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. Capital Research Global Investors increased its position in shares of Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after acquiring an additional 2,044,109 shares in the last quarter. Pzena Investment Management LLC increased its position in shares of Medtronic by 8.3% in the second quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock worth $653,854,000 after acquiring an additional 637,931 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Medtronic by 7.8% in the second quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock worth $560,494,000 after acquiring an additional 515,751 shares in the last quarter. Longview Partners Guernsey LTD increased its position in shares of Medtronic by 2.3% in the first quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company’s stock worth $578,245,000 after acquiring an additional 147,737 shares in the last quarter. Finally, Raymond James & Associates increased its position in shares of Medtronic by 2.3% in the third quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company’s stock worth $575,460,000 after acquiring an additional 145,504 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on MDT shares. Barclays lifted their target price on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Oppenheimer raised their price target on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. Wells Fargo & Company raised their price target on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Stifel Nicolaus raised their price target on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Finally, UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and raised their price target for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $95.36.

Medtronic Price Performance

NYSE MDT opened at $92.27 on Thursday. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $92.39. The stock has a market capitalization of $118.32 billion, a PE ratio of 33.55, a price-to-earnings-growth ratio of 2.53 and a beta of 0.84. 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 has a 50 day moving average price of $89.04 and a two-hundred day moving average price of $83.74.

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 net margin of 12.06% and a return on equity of 13.68%. The company had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same quarter last year, the firm posted $1.20 earnings per share. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. As a group, equities analysts predict that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio is 101.82%.

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.