Partnership Wealth Management LLC Sells 6,007 Shares of Medtronic plc (NYSE:MDT)

Partnership Wealth Management LLC cut its stake in shares of Medtronic plc (NYSE:MDT) by 36.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,484 shares of the medical technology company’s stock after selling 6,007 shares during the quarter. Partnership Wealth Management LLC’s holdings in Medtronic were worth $944,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. Boyar Asset Management Inc. increased its position in shares of Medtronic by 2.6% in the fourth quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock valued at $383,000 after acquiring an additional 120 shares during the period. Quent Capital LLC increased its holdings in Medtronic by 8.0% during the 1st quarter. Quent Capital LLC now owns 1,680 shares of the medical technology company’s stock valued at $146,000 after purchasing an additional 125 shares during the period. Abbrea Capital LLC raised its position in Medtronic by 2.5% during the 1st quarter. Abbrea Capital LLC now owns 5,077 shares of the medical technology company’s stock valued at $446,000 after purchasing an additional 125 shares during the last quarter. Waterway Wealth Management LLC grew its position in shares of Medtronic by 4.8% in the 2nd quarter. Waterway Wealth Management LLC now owns 2,759 shares of the medical technology company’s stock worth $217,000 after buying an additional 126 shares during the last quarter. Finally, Americana Partners LLC increased its stake in shares of Medtronic by 2.0% during the second quarter. Americana Partners LLC now owns 6,667 shares of the medical technology company’s stock valued at $525,000 after buying an additional 128 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MDT has been the subject of a number of research analyst reports. Piper Sandler raised their price target on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Wells Fargo & Company lifted their target price on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Barclays raised their price objective on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Finally, Truist Financial upped their target price on Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and an average price target of $94.64.

Medtronic Trading Up 1.3 %

Medtronic stock opened at $88.14 on Wednesday. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.49. The company has a market capitalization of $113.02 billion, a price-to-earnings ratio of 32.05, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84. The business’s fifty day simple moving average is $87.06 and its two-hundred day simple moving average is $83.35. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last announced its quarterly 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 company had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. Medtronic’s revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.20 EPS. As a group, equities analysts predict that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company 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 dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.18%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is currently 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.