Lmcg Investments LLC Sells 175 Shares of Medtronic plc (NYSE:MDT)

Lmcg Investments LLC decreased its position in Medtronic plc (NYSE:MDT) by 0.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,571 shares of the medical technology company’s stock after selling 175 shares during the quarter. Lmcg Investments LLC’s holdings in Medtronic were worth $2,013,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of MDT. Renaissance Technologies LLC increased its holdings in shares of Medtronic by 32.1% in the 2nd quarter. Renaissance Technologies LLC now owns 636,341 shares of the medical technology company’s stock worth $50,086,000 after buying an additional 154,700 shares during the last quarter. Citizens Financial Group Inc. RI increased its stake in Medtronic by 243.0% during the second quarter. Citizens Financial Group Inc. RI now owns 12,068 shares of the medical technology company’s stock worth $950,000 after acquiring an additional 8,550 shares during the last quarter. One Capital Management LLC purchased a new stake in Medtronic during the second quarter valued at approximately $245,000. Dimensional Fund Advisors LP raised its position in Medtronic by 7.8% during the second quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock valued at $560,494,000 after purchasing an additional 515,751 shares during the period. Finally, Bcwm LLC lifted its stake in shares of Medtronic by 3.3% in the 2nd quarter. Bcwm LLC now owns 113,667 shares of the medical technology company’s stock valued at $8,947,000 after purchasing an additional 3,601 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Stifel Nicolaus increased their price target on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. Citigroup reduced their target price on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Robert W. Baird lifted their price target on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Finally, Piper Sandler raised their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Medtronic currently has an average rating of “Hold” and an average target price of $92.92.

Medtronic Stock Down 1.6 %

Shares of NYSE MDT opened at $88.63 on Wednesday. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $91.49. The firm has a market capitalization of $113.65 billion, a price-to-earnings ratio of 32.23, a PEG ratio of 2.57 and a beta of 0.84. The stock has a 50 day moving average price of $84.10 and a 200 day moving average price of $82.87. 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 issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.03. The business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.20 EPS. Sell-side analysts expect that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is 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.