Medtronic plc (NYSE:MDT) Shares Sold by Norden Group LLC

Norden Group LLC decreased its position in Medtronic plc (NYSE:MDT) by 22.7% in the 2nd quarter, HoldingsChannel reports. The firm owned 15,875 shares of the medical technology company’s stock after selling 4,659 shares during the period. Norden Group LLC’s holdings in Medtronic were worth $1,249,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Parcion Private Wealth LLC boosted its holdings in Medtronic by 1.9% in the 2nd quarter. Parcion Private Wealth LLC now owns 88,567 shares of the medical technology company’s stock worth $6,971,000 after acquiring an additional 1,678 shares during the period. Stonebrook Private Inc. boosted its holdings in Medtronic by 8.7% in the 2nd quarter. Stonebrook Private Inc. now owns 27,290 shares of the medical technology company’s stock worth $2,148,000 after acquiring an additional 2,191 shares during the period. Chicago Capital LLC purchased a new position in Medtronic in the 2nd quarter worth approximately $201,000. Wakefield Asset Management LLLP boosted its holdings in Medtronic by 4.7% in the 2nd quarter. Wakefield Asset Management LLLP now owns 4,994 shares of the medical technology company’s stock worth $393,000 after acquiring an additional 226 shares during the period. Finally, Lake Street Advisors Group LLC raised its position in shares of Medtronic by 4.2% in the 2nd quarter. Lake Street Advisors Group LLC now owns 5,906 shares of the medical technology company’s stock valued at $469,000 after purchasing an additional 236 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MDT. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a research report on Wednesday, August 21st. Piper Sandler upped their target price on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. Barclays upped their target price on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Finally, Truist Financial upped their price target on Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $92.92.

Medtronic Stock Performance

Shares of NYSE:MDT traded up $0.50 on Friday, hitting $89.89. The company’s stock had a trading volume of 7,116,627 shares, compared to its average volume of 6,304,211. The stock’s 50-day moving average is $82.29 and its two-hundred day moving average is $82.62. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.49. The company has a market capitalization of $115.26 billion, a price-to-earnings ratio of 32.69, a price-to-earnings-growth ratio of 2.52 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 announced its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share 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 business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter last year, the business posted $1.20 earnings per share. The company’s quarterly revenue was up 3.4% on a year-over-year basis. On average, equities research analysts forecast that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be paid a dividend of $0.70 per share. The ex-dividend date is Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.11%. Medtronic’s dividend payout ratio is currently 101.82%.

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.