Medtronic plc (NYSE:MDT) Shares Sold by Frank Rimerman Advisors LLC

Frank Rimerman Advisors LLC trimmed its position in Medtronic plc (NYSE:MDT) by 29.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 15,783 shares of the medical technology company’s stock after selling 6,629 shares during the period. Frank Rimerman Advisors LLC’s holdings in Medtronic were worth $1,421,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. M&G Plc purchased a new position in shares of Medtronic during the 1st quarter valued at $259,160,000. Capital Research Global Investors boosted its holdings in Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after purchasing an additional 2,044,109 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Medtronic by 1,195.9% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock worth $144,637,000 after purchasing an additional 1,695,800 shares in the last quarter. International Assets Investment Management LLC grew its position in shares of Medtronic by 8,908.6% in the third quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock valued at $116,896,000 after purchasing an additional 1,284,002 shares during the last quarter. Finally, Troy Asset Management Ltd acquired a new stake in shares of Medtronic in the second quarter valued at about $85,440,000. Institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

MDT has been the topic of several research analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Friday. Citigroup increased their target price on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and increased their target price for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Robert W. Baird raised their price target on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Finally, Oppenheimer lifted their target price on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $95.36.

Medtronic Stock Down 0.4 %

Shares of NYSE:MDT opened at $90.59 on Friday. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $92.68. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The business’s 50 day simple moving average is $89.30 and its two-hundred day simple moving average is $83.84. The firm has a market cap of $116.18 billion, a P/E ratio of 30.60, a PEG ratio of 2.60 and a beta of 0.84.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same period last year, the business posted $1.20 earnings per share. Medtronic’s revenue was up 3.4% on a year-over-year basis. As a group, research analysts forecast that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.09%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 94.59%.

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.