Medtronic plc (NYSE:MDT) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company reduced its position in shares of Medtronic plc (NYSE:MDT) by 2.2% during the 2nd quarter, Holdings Channel.com reports. The firm owned 2,519,428 shares of the medical technology company’s stock after selling 56,814 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Medtronic were worth $198,304,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of MDT. LifeSteps Financial Inc. acquired a new stake in Medtronic during the first quarter worth approximately $27,000. Lynx Investment Advisory purchased a new stake in shares of Medtronic in the second quarter valued at $28,000. Tributary Capital Management LLC acquired a new position in Medtronic in the first quarter valued at $33,000. Fortis Group Advisors LLC lifted its position in Medtronic by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after buying an additional 230 shares during the period. Finally, Riverview Trust Co purchased a new position in Medtronic during the first quarter worth about $39,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MDT has been the subject of several recent analyst reports. Robert W. Baird lifted their price target on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and boosted their target price for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Piper Sandler increased their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Barclays boosted their price objective on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Finally, Truist Financial increased their target price on Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $92.92.

Medtronic Stock Performance

Medtronic stock opened at $89.31 on Friday. The firm has a market capitalization of $114.52 billion, a PE ratio of 32.48, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84. Medtronic plc has a one year low of $68.84 and a one year high of $91.49. The stock’s 50 day moving average price is $85.79 and its 200 day moving average price is $83.14. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13.

Medtronic (NYSE:MDT) last announced 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 business had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same period in the prior year, the firm earned $1.20 earnings per share. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. As a group, sell-side analysts expect that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio is currently 101.82%.

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.