Gabelli Funds LLC Trims Stake in Medtronic plc (NYSE:MDT)

Gabelli Funds LLC lessened its stake in Medtronic plc (NYSE:MDT) by 2.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 81,290 shares of the medical technology company’s stock after selling 1,700 shares during the period. Gabelli Funds LLC’s holdings in Medtronic were worth $6,398,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

Several brokerages have commented on MDT. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a report on Wednesday, August 21st. Truist Financial lifted their price target on shares of Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research note on Friday, August 23rd. Barclays upped their price objective on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. Finally, Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. One research 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $92.92.

Medtronic Price Performance

NYSE:MDT opened at $89.76 on Wednesday. Medtronic plc has a one year low of $68.84 and a one year high of $91.49. The stock has a market cap of $115.10 billion, a PE ratio of 32.64, 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 quick ratio of 1.61 and a current ratio of 2.13. The stock has a 50 day moving average price of $85.26 and a 200 day moving average price of $83.02.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period last year, the company earned $1.20 EPS. Equities research analysts expect that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be issued a $0.70 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.12%. Medtronic’s payout ratio is 101.82%.

About Medtronic

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.