Carnegie Investment Counsel Decreases Stake in Medtronic plc (NYSE:MDT)

Carnegie Investment Counsel cut its holdings in shares of Medtronic plc (NYSE:MDT) by 20.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,739 shares of the medical technology company’s stock after selling 935 shares during the quarter. Carnegie Investment Counsel’s holdings in Medtronic were worth $337,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. SageView Advisory Group LLC boosted its holdings in Medtronic by 59.3% in the 4th quarter. SageView Advisory Group LLC now owns 7,306 shares of the medical technology company’s stock valued at $635,000 after purchasing an additional 2,721 shares during the last quarter. HighPoint Advisor Group LLC acquired a new stake in Medtronic in the 4th quarter valued at approximately $1,040,000. Park National Corp OH lifted its stake in Medtronic by 6.4% during the first quarter. Park National Corp OH now owns 3,617 shares of the medical technology company’s stock worth $315,000 after purchasing an additional 216 shares in the last quarter. Moody National Bank Trust Division boosted its position in shares of Medtronic by 6.3% during the first quarter. Moody National Bank Trust Division now owns 12,050 shares of the medical technology company’s stock worth $1,050,000 after buying an additional 715 shares during the period. Finally, Los Angeles Capital Management LLC grew its stake in shares of Medtronic by 754.8% in the first quarter. Los Angeles Capital Management LLC now owns 58,993 shares of the medical technology company’s stock valued at $5,141,000 after buying an additional 52,092 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of Medtronic stock opened at $89.84 on Wednesday. The firm’s fifty day simple moving average is $87.92 and its 200-day simple moving average is $83.47. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.49. The stock has a market capitalization of $115.20 billion, a price-to-earnings ratio of 32.67, a PEG ratio of 2.53 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS 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 company had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same period in the previous year, the business posted $1.20 earnings per share. Medtronic’s quarterly revenue was up 3.4% on a year-over-year basis. As a group, equities analysts forecast that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were paid a $0.70 dividend. The ex-dividend date was Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.12%. Medtronic’s dividend payout ratio (DPR) is currently 101.82%.

Wall Street Analyst Weigh In

Several equities analysts have commented on MDT shares. Robert W. Baird boosted their price target on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and increased their price objective for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Oppenheimer boosted their target price on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. Finally, Piper Sandler raised their price target on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic presently has an average rating of “Hold” and a consensus price target of $95.36.

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.