Medtronic plc (NYSE:MDT) Shares Sold by Montag A & Associates Inc.

Montag A & Associates Inc. reduced its position in shares of Medtronic plc (NYSE:MDT) by 4.3% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 9,139 shares of the medical technology company’s stock after selling 411 shares during the quarter. Montag A & Associates Inc.’s holdings in Medtronic were worth $725,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. MeadowBrook Investment Advisors LLC acquired a new position in Medtronic in the fourth quarter worth approximately $27,000. LifeSteps Financial Inc. acquired a new stake in shares of Medtronic during the first quarter worth $27,000. Lynx Investment Advisory purchased a new stake in shares of Medtronic during the second quarter valued at $28,000. Tributary Capital Management LLC acquired a new position in shares of Medtronic in the 1st quarter valued at $33,000. Finally, 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 purchasing an additional 230 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have commented on MDT shares. Stifel Nicolaus upped their price objective on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Truist Financial upped their price target on shares of Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research report on Friday, August 23rd. Piper Sandler boosted their target price on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Wells Fargo & Company increased their target price on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Finally, UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and lifted their price target for the company from $76.00 to $90.00 in a report on Thursday, August 15th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic currently has an average rating of “Hold” and a consensus price target of $92.92.

Medtronic Price Performance

Shares of MDT opened at $88.58 on Monday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The firm has a market cap of $113.58 billion, a PE ratio of 32.21, a PEG ratio of 2.52 and a beta of 0.82. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $90.13. The firm’s 50 day moving average price is $81.32 and its 200 day moving average price is $82.42.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share 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 net margin of 12.06% and a return on equity of 13.68%. Medtronic’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.20 EPS. As a group, research analysts expect that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently declared 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 3.16%. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Insider Activity

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the completion of the sale, the chief executive officer now owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.30% of the stock is currently owned by insiders.

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.