Checchi Capital Advisers LLC Lowers Holdings in Medtronic plc (NYSE:MDT)

Checchi Capital Advisers LLC cut its holdings in Medtronic plc (NYSE:MDT) by 13.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,954 shares of the medical technology company’s stock after selling 888 shares during the period. Checchi Capital Advisers LLC’s holdings in Medtronic were worth $469,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. LifeSteps Financial Inc. purchased a new stake in shares of Medtronic during the 1st quarter worth approximately $27,000. MeadowBrook Investment Advisors LLC purchased a new stake in shares of Medtronic during the 4th quarter worth approximately $27,000. Lynx Investment Advisory bought a new position in shares of Medtronic during the 2nd quarter valued at approximately $28,000. Tributary Capital Management LLC bought a new position in shares of Medtronic during the 1st quarter valued at approximately $33,000. Finally, Riverview Trust Co bought a new position in shares of Medtronic during the 1st quarter valued at approximately $39,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $83.77, for a total value of $1,601,096.01. Following the completion of the sale, the chief executive officer now directly owns 143,348 shares in the company, valued at $12,008,261.96. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on MDT. Oppenheimer boosted their target price on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report on Wednesday, August 21st. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. Piper Sandler upped their price objective on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Barclays upped their price objective on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Finally, Truist Financial upped their price objective on Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research report on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Medtronic has a consensus rating of “Hold” and an average target price of $92.92.

Medtronic Price Performance

MDT opened at $88.33 on Thursday. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $113.26 billion, a price-to-earnings ratio of 32.12, a PEG ratio of 2.35 and a beta of 0.82. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $90.13. The business’s fifty day simple moving average is $80.85 and its 200-day simple moving average is $82.33.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The firm had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.20 EPS. On average, equities research analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is currently 101.82%.

Medtronic 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.