Medtronic plc (NYSE:MDT) Shares Sold by Financial Perspectives Inc

Financial Perspectives Inc decreased its position in Medtronic plc (NYSE:MDT) by 1.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 231,682 shares of the medical technology company’s stock after selling 3,744 shares during the quarter. Medtronic accounts for about 6.7% of Financial Perspectives Inc’s holdings, making the stock its biggest holding. Financial Perspectives Inc’s holdings in Medtronic were worth $18,236,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the company. Gryphon Financial Partners LLC purchased a new position in shares of Medtronic in the 4th quarter valued at about $220,000. Jump Financial LLC raised its holdings in Medtronic by 109.2% during the fourth quarter. Jump Financial LLC now owns 6,256 shares of the medical technology company’s stock worth $515,000 after purchasing an additional 3,266 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its position in shares of Medtronic by 3.3% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 280,455 shares of the medical technology company’s stock worth $23,104,000 after buying an additional 9,038 shares during the last quarter. Norges Bank acquired a new position in shares of Medtronic in the 4th quarter valued at $1,229,726,000. Finally, Hillsdale Investment Management Inc. boosted its holdings in shares of Medtronic by 152.1% in the 4th quarter. Hillsdale Investment Management Inc. now owns 3,431 shares of the medical technology company’s stock valued at $283,000 after buying an additional 2,070 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on MDT. Oppenheimer boosted their price target on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report on Wednesday, August 21st. Citigroup decreased their target price on Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Robert W. Baird boosted their price objective on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Finally, UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and upped their price target for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic has an average rating of “Hold” and a consensus target price of $92.92.

Medtronic Stock Performance

NYSE MDT opened at $90.00 on Monday. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $115.40 billion, a P/E ratio of 32.73, a P/E/G ratio of 2.57 and a beta of 0.84. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $91.49. The firm has a 50-day moving average price of $83.60 and a 200 day moving average price of $82.79.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.03. The company had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.20 EPS. Equities research analysts expect that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.11%. Medtronic’s payout ratio 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.