PFG Investments LLC Has $727,000 Holdings in Medtronic plc (NYSE:MDT)

PFG Investments LLC cut its stake in shares of Medtronic plc (NYSE:MDT) by 10.6% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 9,240 shares of the medical technology company’s stock after selling 1,090 shares during the quarter. PFG Investments LLC’s holdings in Medtronic were worth $727,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. LifeSteps Financial Inc. acquired a new position in shares of Medtronic during the first quarter worth $27,000. Lynx Investment Advisory acquired a new position in shares of Medtronic during the second quarter worth $28,000. Tributary Capital Management LLC bought a new stake in shares of Medtronic in the first quarter worth $33,000. Fortis Group Advisors LLC grew its stake in shares of Medtronic by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after purchasing an additional 230 shares during the last quarter. Finally, Riverview Trust Co bought a new stake in shares of Medtronic in the first quarter worth $39,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of Medtronic stock opened at $90.99 on Wednesday. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The business has a 50-day moving average price of $82.83 and a two-hundred day moving average price of $82.65. The company has a market cap of $116.69 billion, a P/E ratio of 33.09, a PEG ratio of 2.56 and a beta of 0.84. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.49.

Medtronic (NYSE:MDT) last issued its 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 company had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period last year, the business posted $1.20 EPS. As a group, analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be paid a $0.70 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.08%. Medtronic’s dividend payout ratio is presently 101.82%.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Citigroup reduced their price objective on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. The Goldman Sachs Group assumed coverage on shares of Medtronic in a research note on Thursday, May 30th. They issued a “sell” rating and a $83.00 price objective on the stock. Oppenheimer boosted their price objective 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, Truist Financial boosted their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $92.92.

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.