Agate Pass Investment Management LLC Reduces Position in Medtronic plc (NYSE:MDT)

Agate Pass Investment Management LLC trimmed its holdings in Medtronic plc (NYSE:MDT) by 4.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 19,001 shares of the medical technology company’s stock after selling 850 shares during the quarter. Agate Pass Investment Management LLC’s holdings in Medtronic were worth $1,711,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of MDT. First PREMIER Bank grew its stake in shares of Medtronic by 1.8% in the third quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock valued at $577,000 after buying an additional 116 shares in the last quarter. Boyar Asset Management Inc. grew its stake in shares of Medtronic by 2.6% in the fourth quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock valued at $383,000 after buying an additional 120 shares in the last quarter. Quent Capital LLC grew its stake 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 grew its stake in shares of Medtronic by 2.5% in the first quarter. Abbrea Capital LLC now owns 5,077 shares of the medical technology company’s stock valued at $446,000 after buying an additional 125 shares in the last quarter. Finally, Waterway Wealth Management LLC grew its stake in shares of Medtronic by 4.8% in the second quarter. Waterway Wealth Management LLC now owns 2,759 shares of the medical technology company’s stock valued at $217,000 after buying an additional 126 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Trading Up 0.6 %

NYSE:MDT opened at $88.85 on Friday. The stock has a 50-day simple moving average of $87.22 and a 200-day simple moving average of $83.38. The stock has a market cap of $113.95 billion, a P/E ratio of 30.02, a P/E/G ratio of 2.53 and a beta of 0.84. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.49. 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 earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same period in the previous year, the business earned $1.20 EPS. The business’s quarterly revenue was up 3.4% on a year-over-year basis. As a group, analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.15%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio is presently 94.59%.

Analyst Ratings Changes

MDT has been the subject of a number of research reports. Stifel Nicolaus lifted their price objective on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Robert W. Baird boosted their target price on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Daiwa America raised Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Finally, Barclays boosted their target price on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. One 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 assigned a strong buy rating to the company. According to data from MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus target price of $95.14.

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.