Jupiter Asset Management Ltd. Sells 3,072 Shares of Medtronic plc (NYSE:MDT)

Jupiter Asset Management Ltd. trimmed its position in Medtronic plc (NYSE:MDT) by 7.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 37,735 shares of the medical technology company’s stock after selling 3,072 shares during the period. Jupiter Asset Management Ltd.’s holdings in Medtronic were worth $2,970,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. International Assets Investment Management LLC boosted its position in shares of Medtronic by 2.5% during the 4th quarter. International Assets Investment Management LLC now owns 12,607 shares of the medical technology company’s stock valued at $1,039,000 after acquiring an additional 302 shares during the last quarter. Gryphon Financial Partners LLC bought a new stake in Medtronic during the fourth quarter valued at approximately $220,000. Jump Financial LLC grew its stake in Medtronic by 109.2% in the 4th quarter. Jump Financial LLC now owns 6,256 shares of the medical technology company’s stock worth $515,000 after buying an additional 3,266 shares in the last quarter. Foundations Investment Advisors LLC increased its holdings in shares of Medtronic by 20.3% in the 4th quarter. Foundations Investment Advisors LLC now owns 14,333 shares of the medical technology company’s stock worth $1,263,000 after buying an additional 2,416 shares during the last quarter. Finally, Meridian Wealth Management LLC raised its position in shares of Medtronic by 122.1% during the 4th quarter. Meridian Wealth Management LLC now owns 8,930 shares of the medical technology company’s stock valued at $736,000 after buying an additional 4,909 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on MDT. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Citigroup decreased their price objective on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a research note on Wednesday, August 21st. Truist Financial boosted their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a report on Friday, August 23rd. Finally, Stifel Nicolaus lifted their target price on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Medtronic has an average rating of “Hold” and a consensus target price of $92.92.

Medtronic Price Performance

MDT stock opened at $90.00 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. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.49. The firm has a 50-day moving average of $83.60 and a 200 day moving average of $82.80. The company has a market cap of $115.42 billion, a P/E ratio of 32.73, a PEG ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its earnings results 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. The firm had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business’s revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.20 EPS. On average, sell-side analysts forecast 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 $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio is presently 101.82%.

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.