Hobbs Group Advisors LLC Reduces Stock Position in Medtronic plc (NYSE:MDT)

Hobbs Group Advisors LLC cut its stake in Medtronic plc (NYSE:MDT) by 77.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,606 shares of the medical technology company’s stock after selling 5,484 shares during the quarter. Hobbs Group Advisors LLC’s holdings in Medtronic were worth $145,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in MDT. Clear Harbor Asset Management LLC raised its holdings in shares of Medtronic by 1.2% in the third quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock valued at $861,000 after acquiring an additional 111 shares in the last quarter. Guardian Wealth Management Inc. grew its holdings in Medtronic by 0.9% during the 3rd quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock worth $1,182,000 after acquiring an additional 115 shares in the last quarter. First PREMIER Bank increased its position in Medtronic by 1.8% during the 3rd quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock valued at $577,000 after purchasing an additional 116 shares during the period. First City Capital Management Inc. raised its holdings in shares of Medtronic by 2.9% in the 3rd quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock valued at $371,000 after purchasing an additional 116 shares in the last quarter. Finally, Hardy Reed LLC lifted its position in shares of Medtronic by 4.4% in the 3rd quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company’s stock worth $247,000 after purchasing an additional 116 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of MDT opened at $83.60 on Wednesday. The company’s 50 day simple moving average is $88.13 and its 200-day simple moving average is $85.01. The firm has a market cap of $107.20 billion, a PE ratio of 25.57, a price-to-earnings-growth ratio of 2.38 and a beta of 0.82. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $92.68. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. During the same period last year, the firm posted $1.25 EPS. Medtronic’s revenue for the quarter was up 5.2% on a year-over-year basis. As a group, equities analysts predict that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 27th will be given a dividend of $0.70 per share. The ex-dividend date is Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.35%. Medtronic’s payout ratio is 85.63%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Truist Financial lifted their target price on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday, October 14th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. Sanford C. Bernstein raised their target price on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. Finally, Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $95.27.

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.