Medtronic plc (NYSE:MDT) Shares Sold by Barrow Hanley Mewhinney & Strauss LLC

Barrow Hanley Mewhinney & Strauss LLC lowered its stake in Medtronic plc (NYSE:MDT) by 3.8% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,990,659 shares of the medical technology company’s stock after selling 236,885 shares during the period. Medtronic makes up about 1.6% of Barrow Hanley Mewhinney & Strauss LLC’s investment portfolio, making the stock its 20th largest holding. Barrow Hanley Mewhinney & Strauss LLC’s holdings in Medtronic were worth $471,525,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. LifeSteps Financial Inc. acquired a new stake in shares of Medtronic during the first quarter worth $27,000. Lynx Investment Advisory purchased a new position in Medtronic in the 2nd quarter worth about $28,000. Tributary Capital Management LLC acquired a new stake in Medtronic during the 1st quarter worth about $33,000. Fortis Group Advisors LLC raised its holdings in Medtronic by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after buying an additional 230 shares during the period. Finally, Riverview Trust Co purchased a new stake in Medtronic during the first quarter valued at about $39,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Trading Down 0.1 %

Shares of NYSE:MDT opened at $89.34 on Friday. 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 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. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.49. The firm has a fifty day moving average price of $84.77 and a 200 day moving average price of $82.97.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The company had revenue of $7.97 billion during 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 quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.20 earnings per share. Analysts expect that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently declared 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 3.13%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio is 101.82%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on MDT shares. Oppenheimer lifted their target price on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. 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. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and raised their target price for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Finally, Daiwa America raised Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Medtronic currently 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.