Medtronic plc (NYSE:MDT) Shares Sold by Farmers & Merchants Investments Inc.

Farmers & Merchants Investments Inc. lessened its stake in Medtronic plc (NYSE:MDT) by 0.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 137,858 shares of the medical technology company’s stock after selling 578 shares during the quarter. Farmers & Merchants Investments Inc.’s holdings in Medtronic were worth $12,411,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. M&G Plc purchased a new position in shares of Medtronic in the 1st quarter worth about $259,160,000. Capital Research Global Investors increased its position in shares of Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after acquiring an additional 2,044,109 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its position in Medtronic by 1,195.9% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock worth $144,637,000 after purchasing an additional 1,695,800 shares during the period. International Assets Investment Management LLC raised its position in Medtronic by 8,908.6% in the third quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock valued at $116,896,000 after purchasing an additional 1,284,002 shares during the period. Finally, Troy Asset Management Ltd purchased a new stake in shares of Medtronic in the second quarter worth about $85,440,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

Shares of NYSE MDT traded up $0.32 during mid-day trading on Tuesday, reaching $90.92. The company had a trading volume of 273,472 shares, compared to its average volume of 6,177,592. The company has a 50-day moving average price of $89.42 and a two-hundred day moving average price of $83.91. The stock has a market cap of $116.58 billion, a PE ratio of 32.95, a P/E/G ratio of 2.60 and a beta of 0.84. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $92.68.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.20 by $0.03. The business had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.20 EPS. On average, equities analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.08%. Medtronic’s dividend payout ratio is 101.82%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on MDT shares. Wells Fargo & Company boosted their target price on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Piper Sandler raised their target price on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Barclays lifted their price target on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Citigroup lifted their price target on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Finally, Robert W. Baird increased their target price on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Medtronic currently has a consensus rating of “Hold” and an average target price of $95.36.

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.