Legacy Financial Advisors Inc. Decreases Holdings in Medtronic plc (NYSE:MDT)

Legacy Financial Advisors Inc. cut its holdings in shares of Medtronic plc (NYSE:MDT) by 1.1% during the second quarter, HoldingsChannel.com reports. The firm owned 13,190 shares of the medical technology company’s stock after selling 149 shares during the period. Legacy Financial Advisors Inc.’s holdings in Medtronic were worth $1,038,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Chemung Canal Trust Co. raised its stake in Medtronic by 1,467.5% in the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock valued at $4,175,000 after buying an additional 44,846 shares during the last quarter. Manning & Napier Advisors LLC purchased a new stake in Medtronic during the 2nd quarter worth approximately $25,643,000. TD Asset Management Inc increased its stake in Medtronic by 4.3% during the 4th quarter. TD Asset Management Inc now owns 1,034,214 shares of the medical technology company’s stock valued at $85,199,000 after purchasing an additional 42,988 shares in the last quarter. SageView Advisory Group LLC raised its holdings in shares of Medtronic by 130.3% in the first quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock worth $1,467,000 after buying an additional 9,523 shares during the last quarter. Finally, Camden National Bank lifted its stake in shares of Medtronic by 98.7% during the fourth quarter. Camden National Bank now owns 120,054 shares of the medical technology company’s stock worth $9,890,000 after buying an additional 59,625 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of MDT opened at $89.35 on Friday. The firm has a 50-day simple moving average of $84.77 and a two-hundred day simple moving average of $82.99. The stock has a market cap of $114.57 billion, a PE ratio of 32.49, a P/E/G ratio of 2.57 and a beta of 0.84. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.49. 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 earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share 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 firm had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter last year, the firm earned $1.20 EPS. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. As a group, analysts forecast that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio is presently 101.82%.

Analysts Set New Price Targets

MDT has been the topic of several research reports. Daiwa America raised Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Oppenheimer upped 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. Citigroup cut their price target on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Finally, Robert W. Baird lifted their price objective on shares of Medtronic from $82.00 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, nine have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average 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.