Thrivent Financial for Lutherans Sells 68,159 Shares of Medtronic plc (NYSE:MDT)

Thrivent Financial for Lutherans lowered its position in Medtronic plc (NYSE:MDT) by 4.5% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 1,450,682 shares of the medical technology company’s stock after selling 68,159 shares during the period. Thrivent Financial for Lutherans’ holdings in Medtronic were worth $114,183,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Chemung Canal Trust Co. lifted its position in shares of Medtronic by 1,467.5% during the 1st quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock worth $4,175,000 after buying an additional 44,846 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in Medtronic in the second quarter worth $25,643,000. TD Asset Management Inc grew its stake in Medtronic by 4.3% in the 4th quarter. TD Asset Management Inc now owns 1,034,214 shares of the medical technology company’s stock valued at $85,199,000 after purchasing an additional 42,988 shares during the period. SageView Advisory Group LLC increased its position in shares of Medtronic by 130.3% during the 1st quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock valued at $1,467,000 after purchasing an additional 9,523 shares during the last quarter. Finally, Camden National Bank raised its stake in shares of Medtronic by 98.7% during the 4th quarter. Camden National Bank now owns 120,054 shares of the medical technology company’s stock worth $9,890,000 after purchasing an additional 59,625 shares during the period. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Performance

Medtronic stock opened at $89.35 on Friday. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.49. The firm has a market cap of $114.57 billion, a P/E ratio of 32.49, a P/E/G ratio of 2.57 and a beta of 0.84. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The firm has a 50-day moving average of $84.77 and a 200-day moving average of $82.99.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion for the quarter, compared to analysts’ expectations 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 period in the previous year, the firm earned $1.20 earnings per share. Sell-side analysts expect that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.13%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio is currently 101.82%.

Analysts Set New Price Targets

Several brokerages have commented on MDT. Citigroup lowered their price objective on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Robert W. Baird raised their price objective on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Oppenheimer boosted their price objective on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. Finally, Piper Sandler upped their target price on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $92.92.

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.