DMC Group LLC Trims Holdings in Medtronic plc (NYSE:MDT)

DMC Group LLC trimmed its stake in shares of Medtronic plc (NYSE:MDT) by 33.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,520 shares of the medical technology company’s stock after selling 2,767 shares during the quarter. DMC Group LLC’s holdings in Medtronic were worth $497,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in MDT. Lynx Investment Advisory purchased a new stake in shares of Medtronic in the second quarter worth about $28,000. Tributary Capital Management LLC purchased a new stake in Medtronic in the 1st quarter worth approximately $33,000. Riverview Trust Co bought a new position in Medtronic in the 1st quarter valued at $39,000. Gleason Group Inc. purchased a new position in shares of Medtronic during the 2nd quarter valued at $42,000. Finally, Opal Wealth Advisors LLC bought a new position in shares of Medtronic in the second quarter worth $43,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

Medtronic stock opened at $92.24 on Friday. The firm has a fifty day simple moving average of $88.45 and a two-hundred day simple moving average of $83.59. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $92.25. The company has a market capitalization of $118.28 billion, a PE ratio of 33.54, a P/E/G ratio of 2.53 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 earnings per share 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 analyst estimates of $7.90 billion. During the same quarter in the previous year, the company posted $1.20 EPS. Medtronic’s revenue for the quarter was up 3.4% on a year-over-year basis. Research analysts expect that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.04%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio is 101.82%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on MDT shares. Evercore ISI lifted their price objective on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Piper Sandler upped their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Stifel Nicolaus lifted their target price on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. Finally, Truist Financial boosted their price target on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Monday, October 14th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $95.36.

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.