Garland Capital Management Inc. Decreases Holdings in Medtronic plc (NYSE:MDT)

Garland Capital Management Inc. lessened its stake in shares of Medtronic plc (NYSE:MDT) by 9.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 41,850 shares of the medical technology company’s stock after selling 4,180 shares during the quarter. Medtronic comprises about 2.9% of Garland Capital Management Inc.’s holdings, making the stock its 20th biggest holding. Garland Capital Management Inc.’s holdings in Medtronic were worth $3,768,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of MDT. Fortitude Family Office LLC acquired a new stake in Medtronic in the third quarter valued at $27,000. Highline Wealth Partners LLC purchased a new stake in shares of Medtronic during the third quarter valued at approximately $27,000. Lynx Investment Advisory purchased a new stake in Medtronic during the 2nd quarter worth $28,000. Gleason Group Inc. acquired a new stake in shares of Medtronic during the second quarter valued at about $42,000. Finally, Opal Wealth Advisors LLC purchased a new stake in shares of Medtronic during the second quarter worth about $43,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on MDT. Daiwa America raised Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Piper Sandler upped their price target on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Wells Fargo & Company increased their target price on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Friday, October 25th. Finally, Truist Financial upped their target price on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research report on Monday, October 14th. One equities research 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 company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $95.36.

Medtronic Price Performance

MDT stock traded up $0.05 during midday trading on Tuesday, reaching $89.36. 811,634 shares of the company’s stock traded hands, compared to its average volume of 6,171,292. 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 company has a market cap of $114.60 billion, a price-to-earnings ratio of 30.17, a PEG ratio of 2.57 and a beta of 0.84. The company has a 50-day simple moving average of $89.64 and a two-hundred day simple moving average of $84.27. Medtronic plc has a 1-year low of $69.32 and a 1-year high of $92.68.

Medtronic (NYSE:MDT) last issued its quarterly 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. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter in the prior year, the company earned $1.20 EPS. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. On average, analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.13%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 94.59%.

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.