Summit Financial Strategies Inc. Cuts Stake in Medtronic plc (NYSE:MDT)

Summit Financial Strategies Inc. lessened its holdings in Medtronic plc (NYSE:MDT) by 8.7% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,992 shares of the medical technology company’s stock after selling 285 shares during the quarter. Summit Financial Strategies Inc.’s holdings in Medtronic were worth $235,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Boyar Asset Management Inc. raised its holdings in shares of Medtronic by 2.6% during the fourth quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock worth $383,000 after purchasing an additional 120 shares during the last quarter. Hall Laurie J Trustee grew its holdings in Medtronic by 0.3% in the first quarter. Hall Laurie J Trustee now owns 44,015 shares of the medical technology company’s stock valued at $3,835,000 after purchasing an additional 125 shares during the period. Quent Capital LLC increased its position in shares of Medtronic by 8.0% in the first quarter. Quent Capital LLC now owns 1,680 shares of the medical technology company’s stock valued at $146,000 after buying an additional 125 shares in the last quarter. Abbrea Capital LLC raised its stake in shares of Medtronic by 2.5% during the 1st quarter. Abbrea Capital LLC now owns 5,077 shares of the medical technology company’s stock worth $446,000 after buying an additional 125 shares during the period. Finally, Angeles Investment Advisors LLC grew its stake in Medtronic by 1.0% in the 4th quarter. Angeles Investment Advisors LLC now owns 12,627 shares of the medical technology company’s stock valued at $1,046,000 after acquiring an additional 128 shares during the period. 82.06% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on MDT shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Monday, August 12th. Truist Financial cut their price objective on Medtronic from $88.00 to $85.00 and set a “hold” rating for the company in a research note on Tuesday, July 16th. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $76.00 to $90.00 in a research note on Thursday. Citigroup reduced their price objective on Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Finally, Wells Fargo & Company lifted their target price on shares of Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a research note on Friday, May 24th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Medtronic presently has a consensus rating of “Hold” and an average price target of $91.30.

Insider Activity

In related news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $83.77, for a total value of $1,601,096.01. Following the sale, the chief executive officer now owns 143,348 shares in the company, valued at approximately $12,008,261.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.30% of the company’s stock.

Medtronic Trading Up 1.1 %

Shares of MDT stock traded up $0.95 on Friday, hitting $84.60. 5,374,797 shares of the stock traded hands, compared to its average volume of 6,239,440. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. The stock has a market capitalization of $108.48 billion, a PE ratio of 30.76, a PEG ratio of 2.35 and a beta of 0.82. The firm’s 50-day moving average price is $80.00 and its two-hundred day moving average price is $82.34. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $89.18.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.01. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The company had revenue of $8.59 billion during the quarter, compared to analyst estimates of $8.44 billion. During the same period in the prior year, the business posted $1.57 earnings per share. The firm’s revenue for the quarter was up .5% compared to the same quarter last year. As a group, analysts anticipate that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The business also recently declared 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. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.31%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio is presently 101.82%.

Medtronic Company 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.