Red Spruce Capital LLC Sells 226 Shares of Medtronic plc (NYSE:MDT)

Red Spruce Capital LLC lessened its holdings in Medtronic plc (NYSE:MDT) by 1.2% during the 3rd quarter, Holdings Channel.com reports. The firm owned 19,000 shares of the medical technology company’s stock after selling 226 shares during the period. Red Spruce Capital LLC’s holdings in Medtronic were worth $1,711,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in MDT. LifeSteps Financial Inc. bought a new position in Medtronic in the first quarter worth approximately $27,000. Lynx Investment Advisory bought a new position in Medtronic in the 2nd quarter worth $28,000. Tributary Capital Management LLC purchased a new position in Medtronic during the first quarter valued at $33,000. Riverview Trust Co bought a new stake in Medtronic during the first quarter valued at about $39,000. Finally, Fortis Group Advisors LLC increased its position in Medtronic by 100.0% in the fourth 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 in the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

NYSE MDT traded up $0.49 during trading on Friday, hitting $88.26. 3,598,594 shares of the stock traded hands, compared to its average volume of 6,355,535. 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 plc has a 12-month low of $68.84 and a 12-month high of $91.49. The firm has a 50-day simple moving average of $86.77 and a 200-day simple moving average of $83.29. The company has a market capitalization of $113.17 billion, a P/E ratio of 32.09, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share 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 firm had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same period last year, the firm posted $1.20 earnings per share. Medtronic’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, analysts predict that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

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 $0.70 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.17%. Medtronic’s dividend payout ratio is currently 101.82%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on MDT. Daiwa America raised Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Piper Sandler upped their price target 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. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and raised their price objective for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. 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 report on Friday, August 23rd. Finally, Wells Fargo & Company raised their price target on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Medtronic currently has an average rating of “Hold” and an average price target of $94.21.

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.