Catalyst Financial Partners LLC Decreases Stock Position in Medtronic plc (NYSE:MDT)

Catalyst Financial Partners LLC lowered its stake in Medtronic plc (NYSE:MDT) by 4.0% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,173 shares of the medical technology company’s stock after selling 175 shares during the quarter. Catalyst Financial Partners LLC’s holdings in Medtronic were worth $376,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of MDT. Cornerstone Wealth Management LLC lifted its stake in Medtronic by 6.0% in the 1st quarter. Cornerstone Wealth Management LLC now owns 11,643 shares of the medical technology company’s stock worth $1,015,000 after purchasing an additional 661 shares in the last quarter. Private Advisor Group LLC raised its position in shares of Medtronic by 2.9% during the 1st quarter. Private Advisor Group LLC now owns 113,021 shares of the medical technology company’s stock valued at $9,849,000 after buying an additional 3,175 shares in the last quarter. Mission Wealth Management LP raised its position in shares of Medtronic by 13.0% during the 1st quarter. Mission Wealth Management LP now owns 6,251 shares of the medical technology company’s stock valued at $545,000 after buying an additional 718 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Medtronic by 12.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 290,357 shares of the medical technology company’s stock valued at $23,668,000 after buying an additional 31,098 shares in the last quarter. Finally, Blue Trust Inc. raised its position in shares of Medtronic by 28.8% during the 1st quarter. Blue Trust Inc. now owns 8,651 shares of the medical technology company’s stock valued at $754,000 after buying an additional 1,934 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of MDT stock opened at $89.25 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The company has a market capitalization of $114.45 billion, a P/E ratio of 30.15, a P/E/G ratio of 2.59 and a beta of 0.84. The company’s 50-day simple moving average is $89.61 and its two-hundred day simple moving average is $84.06. Medtronic plc has a one year low of $69.32 and a one year high of $92.68.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (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 firm had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same period last year, the firm earned $1.20 earnings per share. The company’s quarterly revenue was up 3.4% on a year-over-year basis. As a group, equities analysts anticipate that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a dividend of $0.70 per share. 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 3.14%. Medtronic’s dividend payout ratio is presently 94.59%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on MDT shares. Truist Financial upped their target price on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday, October 14th. Citigroup upped their target price on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. Barclays upped their target price on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Piper Sandler upped their price target on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Finally, Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target 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.