Davis Capital Management Has $388,000 Stake in Medtronic plc (NYSE:MDT)

Davis Capital Management lowered its stake in shares of Medtronic plc (NYSE:MDT) by 2.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,305 shares of the medical technology company’s stock after selling 124 shares during the quarter. Davis Capital Management’s holdings in Medtronic were worth $388,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MDT. Park National Corp OH raised its position in shares of Medtronic by 74.4% in the 3rd quarter. Park National Corp OH now owns 132,577 shares of the medical technology company’s stock valued at $11,936,000 after buying an additional 56,545 shares in the last quarter. Mattson Financial Services LLC acquired a new position in Medtronic during the second quarter valued at approximately $3,144,000. Centaurus Financial Inc. lifted its stake in Medtronic by 34.8% during the second quarter. Centaurus Financial Inc. now owns 6,250 shares of the medical technology company’s stock worth $492,000 after purchasing an additional 1,613 shares during the last quarter. Anchor Investment Management LLC lifted its stake in Medtronic by 30.7% during the second quarter. Anchor Investment Management LLC now owns 106,247 shares of the medical technology company’s stock worth $8,363,000 after purchasing an additional 24,936 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Medtronic by 1,195.9% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock valued at $144,637,000 after purchasing an additional 1,695,800 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on MDT shares. Wells Fargo & Company upped their price objective on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Citigroup increased their target price on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday. Truist Financial upped their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research report on Friday, August 23rd. Barclays increased their price objective on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $94.21.

Medtronic Stock Down 1.0 %

Shares of NYSE:MDT opened at $89.10 on Thursday. The business has a fifty day simple moving average of $86.39 and a 200 day simple moving average of $83.23. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $91.49. The firm has a market cap of $114.25 billion, a P/E ratio of 32.40, a P/E/G ratio of 2.56 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last issued its quarterly earnings data 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. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same period last year, the company earned $1.20 earnings per share. The firm’s revenue was up 3.4% compared to the same quarter last year. Analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio is currently 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.