Wealth Enhancement Advisory Services LLC Cuts Stock Holdings in Medtronic plc (NYSE:MDT)

Wealth Enhancement Advisory Services LLC cut its position in shares of Medtronic plc (NYSE:MDT) by 2.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 361,409 shares of the medical technology company’s stock after selling 7,273 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Medtronic were worth $32,538,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Lynx Investment Advisory acquired a new stake in shares of Medtronic during the 2nd quarter valued at about $28,000. Tributary Capital Management LLC purchased a new position in Medtronic during the first quarter worth approximately $33,000. Gleason Group Inc. acquired a new stake in Medtronic in the second quarter valued at approximately $42,000. Opal Wealth Advisors LLC acquired a new position in shares of Medtronic during the 2nd quarter worth approximately $43,000. Finally, Olistico Wealth LLC acquired a new position in shares of Medtronic during the 2nd quarter worth approximately $45,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

Shares of MDT stock opened at $90.59 on Monday. 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 company has a market capitalization of $116.16 billion, a PE ratio of 32.94, a price-to-earnings-growth ratio of 2.60 and a beta of 0.84. The firm’s 50-day moving average is $89.30 and its two-hundred day moving average is $83.85. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $92.68.

Medtronic (NYSE:MDT) last released its quarterly earnings results 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. The firm had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.20 EPS. Analysts predict that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date was Friday, September 27th. Medtronic’s payout ratio is 101.82%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on MDT shares. Evercore ISI boosted their price target on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Piper Sandler raised their price target on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Citigroup boosted their price objective on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Finally, Truist Financial lifted their price target on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Monday, October 14th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Medtronic presently has a consensus rating of “Hold” and an average target price 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.