Medtronic plc (NYSE:MDT) Shares Sold by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. decreased its position in Medtronic plc (NYSE:MDT) by 1.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 187,011 shares of the medical technology company’s stock after selling 2,191 shares during the period. Oppenheimer & Co. Inc.’s holdings in Medtronic were worth $16,837,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mengis Capital Management Inc. increased its holdings in Medtronic by 1.3% in the third quarter. Mengis Capital Management Inc. now owns 89,373 shares of the medical technology company’s stock valued at $8,046,000 after buying an additional 1,116 shares in the last quarter. RPG Investment Advisory LLC boosted its position in Medtronic by 1.6% during the third quarter. RPG Investment Advisory LLC now owns 152,021 shares of the medical technology company’s stock worth $13,686,000 after acquiring an additional 2,410 shares during the last quarter. Victory Capital Management Inc. boosted its position in Medtronic by 19.1% during the third quarter. Victory Capital Management Inc. now owns 1,958,421 shares of the medical technology company’s stock worth $176,317,000 after acquiring an additional 313,525 shares during the last quarter. Aptus Capital Advisors LLC boosted its position in Medtronic by 14.9% during the third quarter. Aptus Capital Advisors LLC now owns 11,500 shares of the medical technology company’s stock worth $1,035,000 after acquiring an additional 1,487 shares during the last quarter. Finally, Aigen Investment Management LP acquired a new position in Medtronic during the third quarter worth about $586,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

MDT has been the topic of several recent analyst reports. Piper Sandler boosted their target price on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Truist Financial boosted their target price on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a report on Monday, October 14th. Evercore ISI upped their price objective on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Medtronic currently has a consensus rating of “Hold” and an average price target of $95.36.

Medtronic Stock Performance

Shares of MDT traded down $0.10 during midday trading on Wednesday, hitting $88.20. 291,788 shares of the stock traded hands, compared to its average volume of 6,173,112. The firm has a market capitalization of $113.11 billion, a PE ratio of 29.81, a price-to-earnings-growth ratio of 2.52 and a beta of 0.84. The business’s 50 day moving average price is $89.65 and its two-hundred day moving average price is $84.63. Medtronic plc has a 1-year low of $72.08 and a 1-year 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.

Medtronic (NYSE:MDT) last posted its quarterly earnings data 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 firm had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.20 EPS. Equities research analysts predict that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm 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. The ex-dividend date was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.17%. Medtronic’s dividend payout ratio is 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.