First City Capital Management Inc. Sells 972 Shares of Medtronic plc (NYSE:MDT)

First City Capital Management Inc. trimmed its position in Medtronic plc (NYSE:MDT) by 19.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,007 shares of the medical technology company’s stock after selling 972 shares during the period. First City Capital Management Inc.’s holdings in Medtronic were worth $315,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MDT. Boyar Asset Management Inc. raised its position in shares of Medtronic by 2.6% during the fourth quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock worth $383,000 after purchasing an additional 120 shares during the period. Quent Capital LLC raised its holdings in Medtronic by 8.0% during the first quarter. Quent Capital LLC now owns 1,680 shares of the medical technology company’s stock worth $146,000 after buying an additional 125 shares during the last quarter. Abbrea Capital LLC lifted its stake in shares of Medtronic by 2.5% in the first quarter. Abbrea Capital LLC now owns 5,077 shares of the medical technology company’s stock valued at $446,000 after buying an additional 125 shares in the last quarter. Waterway Wealth Management LLC grew its holdings in shares of Medtronic by 4.8% during the second quarter. Waterway Wealth Management LLC now owns 2,759 shares of the medical technology company’s stock valued at $217,000 after buying an additional 126 shares during the last quarter. Finally, Angeles Investment Advisors LLC increased its position in shares of Medtronic by 1.0% during the fourth quarter. Angeles Investment Advisors LLC now owns 12,627 shares of the medical technology company’s stock worth $1,046,000 after acquiring an additional 128 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Down 0.1 %

Shares of NYSE MDT opened at $89.34 on Friday. The business’s fifty day moving average price is $84.77 and its 200-day moving average price is $82.97. Medtronic plc has a one year low of $68.84 and a one year high of $91.49. The stock has a market capitalization of $114.56 billion, a PE ratio of 32.49, a P/E/G ratio of 2.57 and a beta of 0.84. 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 (NYSE:MDT) last announced 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 analysts’ expectations of $7.90 billion. During the same period in the prior year, the company posted $1.20 EPS. Medtronic’s revenue was up 3.4% compared to the same quarter last year. On average, equities research analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

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

Analyst Upgrades and Downgrades

MDT has been the topic of several recent research reports. Daiwa America upgraded Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Wells Fargo & Company lifted their target price on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. The Goldman Sachs Group assumed coverage on Medtronic in a research report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price target for the company. Truist Financial upped their target price on shares of Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. Finally, Piper Sandler boosted their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average 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.