Newfound Research LLC Cuts Position in Medtronic plc (NYSE:MDT)

Newfound Research LLC cut its stake in Medtronic plc (NYSE:MDTGet Rating) by 24.6% during the second quarter, HoldingsChannel reports. The fund owned 1,049 shares of the medical technology company’s stock after selling 342 shares during the quarter. Newfound Research LLC’s holdings in Medtronic were worth $94,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Landmark Wealth Management LLC purchased a new position in shares of Medtronic in the 1st quarter valued at $25,000. Syverson Strege & Co purchased a new position in shares of Medtronic in the 1st quarter valued at $29,000. Kenfarb & CO. purchased a new position in shares of Medtronic in the 4th quarter valued at $29,000. Byrne Asset Management LLC purchased a new position in shares of Medtronic in the 4th quarter valued at $34,000. Finally, Mascoma Wealth Management LLC increased its holdings in shares of Medtronic by 41.7% in the 1st quarter. Mascoma Wealth Management LLC now owns 394 shares of the medical technology company’s stock valued at $44,000 after acquiring an additional 116 shares during the period. 79.81% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of MDT stock traded down $1.58 on Friday, hitting $81.98. The company had a trading volume of 199,034 shares, compared to its average volume of 6,340,817. The firm has a market cap of $108.96 billion, a P/E ratio of 21.20, a price-to-earnings-growth ratio of 2.26 and a beta of 0.75. The company has a 50-day moving average price of $90.89 and a 200-day moving average price of $97.66. The company has a quick ratio of 1.23, a current ratio of 1.58 and a debt-to-equity ratio of 0.33. Medtronic plc has a twelve month low of $83.21 and a twelve month high of $131.31.

Medtronic (NYSE:MDTGet Rating) last issued its quarterly earnings data on Tuesday, August 23rd. The medical technology company reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.01. Medtronic had a return on equity of 13.64% and a net margin of 16.75%. During the same period in the previous year, the firm posted $1.41 earnings per share. As a group, equities research analysts predict that Medtronic plc will post 5.53 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 23rd will be paid a $0.68 dividend. The ex-dividend date of this dividend is Thursday, September 22nd. This represents a $2.72 annualized dividend and a dividend yield of 3.32%. Medtronic’s dividend payout ratio is presently 70.28%.

Analyst Ratings Changes

MDT has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft lowered their price objective on Medtronic from $149.00 to $121.00 in a research report on Friday, May 27th. StockNews.com cut Medtronic from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 24th. Truist Financial lowered their price objective on Medtronic from $111.00 to $97.00 and set a “hold” rating for the company in a research report on Wednesday, July 20th. TheStreet cut Medtronic from a “b-” rating to a “c+” rating in a research report on Monday, August 1st. Finally, Citigroup lowered their price objective on Medtronic from $120.00 to $117.00 and set a “buy” rating for the company in a research report on Friday, May 27th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $111.52.

About Medtronic

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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.

Further Reading

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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