Focus Financial Network Inc. Reduces Stake in Medtronic plc (NYSE:MDT)

Focus Financial Network Inc. lowered its stake in Medtronic plc (NYSE:MDT) by 3.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,187 shares of the medical technology company’s stock after selling 1,447 shares during the period. Focus Financial Network Inc.’s holdings in Medtronic were worth $3,193,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MDT. Principal Securities Inc. boosted its position in shares of Medtronic by 6.7% during the third quarter. Principal Securities Inc. now owns 47,656 shares of the medical technology company’s stock valued at $4,290,000 after buying an additional 2,981 shares during the period. Stephens Inc. AR boosted its position in shares of Medtronic by 1.0% during the third quarter. Stephens Inc. AR now owns 197,149 shares of the medical technology company’s stock valued at $17,749,000 after buying an additional 1,947 shares during the period. Aspen Wealth Strategies LLC purchased a new position in shares of Medtronic during the third quarter valued at approximately $260,000. Nikulski Financial Inc. purchased a new position in shares of Medtronic during the third quarter valued at approximately $203,000. Finally, Tevis Investment Management boosted its position in shares of Medtronic by 9.4% during the third quarter. Tevis Investment Management now owns 41,748 shares of the medical technology company’s stock valued at $3,788,000 after buying an additional 3,586 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Daiwa America upgraded Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and boosted their price target for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Evercore ISI boosted their price target on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Barclays boosted their price target on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Finally, Citigroup boosted their price target on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. 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 given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $95.36.

Medtronic Stock Performance

Shares of MDT stock opened at $90.07 on Friday. The business’s fifty day simple moving average is $89.64 and its 200-day simple moving average is $84.13. The company has a market cap of $115.51 billion, a PE ratio of 30.43, a PEG ratio of 2.59 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 12-month low of $69.32 and a 12-month high of $92.68.

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

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date was Friday, September 27th. Medtronic’s payout ratio is presently 94.59%.

Medtronic Company 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.