Strategic Wealth Partners Ltd. Has $7.94 Million Stock Position in Medtronic plc (NYSE:MDT)

Strategic Wealth Partners Ltd. lowered its holdings in Medtronic plc (NYSE:MDT) by 0.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 88,177 shares of the medical technology company’s stock after selling 243 shares during the quarter. Strategic Wealth Partners Ltd.’s holdings in Medtronic were worth $7,939,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MDT. Lynx Investment Advisory acquired a new stake in shares of Medtronic during the 2nd quarter worth approximately $28,000. Tributary Capital Management LLC bought a new stake in Medtronic in the first quarter valued at $33,000. Fortis Group Advisors LLC raised its stake 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 acquiring an additional 230 shares in the last quarter. Riverview Trust Co bought a new position in shares of Medtronic during the first quarter valued at $39,000. Finally, Gleason Group Inc. acquired a new stake in shares of Medtronic in the 2nd quarter valued at $42,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

MDT has been the subject of several analyst reports. Oppenheimer lifted their price target on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. Robert W. Baird boosted their target price on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Barclays raised their price target on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and increased their target price for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Finally, Piper Sandler lifted their price target on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Medtronic currently has a consensus rating of “Hold” and a consensus price target of $94.64.

Medtronic Price Performance

Shares of MDT stock opened at $88.14 on Wednesday. The firm’s 50 day moving average price is $86.91 and its two-hundred day moving average price is $83.31. 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 plc has a 52-week low of $68.84 and a 52-week high of $91.49. The stock has a market cap of $113.02 billion, a PE ratio of 32.05, a PEG ratio of 2.56 and a beta of 0.84.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $7.90 billion. During the same quarter in the previous year, the business earned $1.20 EPS. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. As a group, analysts forecast that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio is presently 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.