Xcel Wealth Management LLC Reduces Stock Position in Medtronic plc (NYSE:MDT)

Xcel Wealth Management LLC trimmed its position in Medtronic plc (NYSE:MDT) by 1.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,426 shares of the medical technology company’s stock after selling 190 shares during the quarter. Xcel Wealth Management LLC’s holdings in Medtronic were worth $1,029,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. M&G Plc acquired a new position in Medtronic during the 1st quarter worth $259,160,000. Capital Research Global Investors lifted its holdings in shares of Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock valued at $2,691,577,000 after buying an additional 2,044,109 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Medtronic by 1,195.9% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock valued at $144,637,000 after buying an additional 1,695,800 shares during the period. Troy Asset Management Ltd acquired a new stake in shares of Medtronic in the second quarter valued at $85,440,000. Finally, 1832 Asset Management L.P. lifted its holdings in shares of Medtronic by 26.9% in the second quarter. 1832 Asset Management L.P. now owns 4,915,609 shares of the medical technology company’s stock valued at $386,908,000 after buying an additional 1,041,863 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Down 0.5 %

Shares of MDT traded down $0.46 during trading hours on Tuesday, hitting $90.57. 1,064,651 shares of the company were exchanged, compared to its average volume of 6,221,386. The firm’s 50 day moving average is $88.65 and its 200-day moving average is $83.63. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $92.25. The company has a market cap of $116.14 billion, a PE ratio of 33.11, a PEG ratio of 2.53 and a beta of 0.84. 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 results on Tuesday, August 20th. The medical technology company reported $1.23 EPS 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 firm had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter in the prior year, the firm posted $1.20 EPS. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, equities research analysts forecast that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.09%. Medtronic’s dividend payout ratio is 101.82%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Oppenheimer upped their price objective on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. 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 report on Wednesday, August 21st. Truist Financial boosted their target price on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research report on Monday, October 14th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Medtronic has a consensus rating of “Hold” and an average price target of $95.36.

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.