Medtronic plc (NYSE:MDT) Shares Sold by Beese Fulmer Investment Management Inc.

Beese Fulmer Investment Management Inc. cut its position in Medtronic plc (NYSE:MDT) by 24.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,357 shares of the medical technology company’s stock after selling 1,082 shares during the period. Beese Fulmer Investment Management Inc.’s holdings in Medtronic were worth $302,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. M&G Plc acquired a new stake in Medtronic during the 1st quarter worth $259,160,000. Capital Research Global Investors boosted its position in Medtronic by 7.1% during the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after acquiring an additional 2,044,109 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Medtronic by 1,195.9% during 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 acquiring an additional 1,695,800 shares in the last quarter. International Assets Investment Management LLC raised its holdings in Medtronic by 8,908.6% in the 3rd quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock valued at $116,896,000 after acquiring an additional 1,284,002 shares during the last quarter. Finally, Troy Asset Management Ltd purchased a new position in Medtronic in the 2nd quarter worth approximately $85,440,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Truist Financial increased their price target on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a report on Monday, October 14th. Citigroup raised their target price on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Evercore ISI boosted their price target on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Finally, Oppenheimer increased their price target on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $95.36.

Medtronic Stock Performance

Shares of Medtronic stock opened at $90.99 on Friday. The stock has a market capitalization of $116.67 billion, a price-to-earnings ratio of 33.09, a price-to-earnings-growth 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. The business has a 50-day moving average of $89.04 and a 200 day moving average of $83.74. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $92.68.

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 the consensus estimate of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same quarter last year, the firm posted $1.20 earnings per share. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.08%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s 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.