Harbour Trust & Investment Management Co Cuts Holdings in Medtronic plc (NYSE:MDT)

Harbour Trust & Investment Management Co decreased its position in Medtronic plc (NYSE:MDT) by 4.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,348 shares of the medical technology company’s stock after selling 191 shares during the period. Harbour Trust & Investment Management Co’s holdings in Medtronic were worth $391,000 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. Nicholson Wealth Management Group LLC purchased a new position in Medtronic in the third quarter valued at $583,000. Legacy Capital Group California Inc. increased its holdings in Medtronic by 4.6% in the third quarter. Legacy Capital Group California Inc. now owns 12,656 shares of the medical technology company’s stock valued at $1,139,000 after buying an additional 557 shares in the last quarter. Dakota Wealth Management increased its holdings in Medtronic by 15.3% in the third quarter. Dakota Wealth Management now owns 52,342 shares of the medical technology company’s stock valued at $4,713,000 after buying an additional 6,951 shares in the last quarter. DT Investment Partners LLC increased its holdings in Medtronic by 2.9% in the third quarter. DT Investment Partners LLC now owns 13,127 shares of the medical technology company’s stock valued at $1,182,000 after buying an additional 371 shares in the last quarter. Finally, Global Trust Asset Management LLC increased its holdings in Medtronic by 7.6% in the third quarter. Global Trust Asset Management LLC now owns 3,665 shares of the medical technology company’s stock valued at $330,000 after buying an additional 259 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on MDT shares. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Truist Financial lifted their target price on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday, October 14th. Oppenheimer lifted their target price on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report on Wednesday, August 21st. Finally, Wells Fargo & Company lifted their target price on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Medtronic has an average rating of “Hold” and a consensus target price of $95.36.

Medtronic Price Performance

Shares of MDT stock opened at $90.99 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The firm’s 50-day moving average is $89.04 and its two-hundred day moving average is $83.74. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $92.68. The company has a market capitalization of $116.67 billion, a PE ratio of 33.09, a price-to-earnings-growth ratio of 2.53 and a beta of 0.84.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same period in the previous year, the firm earned $1.20 earnings per share. Medtronic’s quarterly revenue was up 3.4% compared to the same quarter last year. Analysts predict that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

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.