WASHINGTON TRUST Co Reduces Stock Holdings in Medtronic plc (NYSE:MDT)

WASHINGTON TRUST Co trimmed its position in shares of Medtronic plc (NYSE:MDT) by 1.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 95,084 shares of the medical technology company’s stock after selling 1,537 shares during the quarter. WASHINGTON TRUST Co’s holdings in Medtronic were worth $8,560,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC increased its stake in shares of Medtronic by 14.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 887,610 shares of the medical technology company’s stock valued at $77,355,000 after purchasing an additional 113,125 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Medtronic by 0.3% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,207,374 shares of the medical technology company’s stock worth $279,523,000 after buying an additional 8,118 shares during the period. Valeo Financial Advisors LLC lifted its position in shares of Medtronic by 5.8% during the 1st quarter. Valeo Financial Advisors LLC now owns 22,316 shares of the medical technology company’s stock valued at $1,945,000 after buying an additional 1,233 shares in the last quarter. KFG Wealth Management LLC lifted its position in shares of Medtronic by 8.1% during the 1st quarter. KFG Wealth Management LLC now owns 3,218 shares of the medical technology company’s stock valued at $280,000 after buying an additional 241 shares in the last quarter. Finally, Kovack Advisors Inc. grew its stake in Medtronic by 26.8% in the 1st quarter. Kovack Advisors Inc. now owns 8,843 shares of the medical technology company’s stock valued at $771,000 after acquiring an additional 1,870 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Trading Down 0.1 %

Shares of NYSE MDT traded down $0.08 during mid-day trading on Wednesday, reaching $90.24. 889,757 shares of the company’s stock were exchanged, compared to its average volume of 6,185,774. The company’s 50-day moving average is $89.52 and its 200-day moving average is $83.98. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The firm has a market capitalization of $115.71 billion, a price-to-earnings ratio of 32.85, a PEG ratio of 2.60 and a beta of 0.84. Medtronic plc has a 52-week low of $69.32 and a 52-week high of $92.68.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating 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 analysts’ expectations of $7.90 billion. During the same quarter in the prior year, the company posted $1.20 earnings per share. Medtronic’s revenue for the quarter was up 3.4% compared to the same quarter last year. Analysts expect that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors 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 annualized dividend and a yield of 3.10%. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on MDT shares. Stifel Nicolaus increased their price objective on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and raised their price objective for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Truist Financial boosted their price target on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research report on Monday, October 14th. Finally, Oppenheimer increased their price objective on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, 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.