Peapack Gladstone Financial Corp Reduces Stake in Medtronic plc (NYSE:MDT)

Peapack Gladstone Financial Corp cut its holdings in shares of Medtronic plc (NYSE:MDT) by 16.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 8,949 shares of the medical technology company’s stock after selling 1,822 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Medtronic were worth $805,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of MDT. Synovus Financial Corp boosted its holdings in Medtronic by 1.2% in the third quarter. Synovus Financial Corp now owns 66,738 shares of the medical technology company’s stock valued at $6,008,000 after purchasing an additional 783 shares during the last quarter. Wilmington Savings Fund Society FSB lifted its holdings in shares of Medtronic by 449.3% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 73,373 shares of the medical technology company’s stock valued at $6,606,000 after buying an additional 60,016 shares during the period. World Investment Advisors LLC boosted its stake in shares of Medtronic by 212.9% in the third quarter. World Investment Advisors LLC now owns 126,314 shares of the medical technology company’s stock worth $11,372,000 after buying an additional 85,947 shares during the last quarter. Sanctuary Advisors LLC grew its holdings in Medtronic by 6.8% during the third quarter. Sanctuary Advisors LLC now owns 181,843 shares of the medical technology company’s stock worth $15,677,000 after acquiring an additional 11,651 shares during the period. Finally, Boyar Asset Management Inc. raised its position in Medtronic by 8.0% during the third quarter. Boyar Asset Management Inc. now owns 5,213 shares of the medical technology company’s stock valued at $469,000 after acquiring an additional 385 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Performance

NYSE:MDT opened at $82.48 on Monday. The company has a market cap of $105.76 billion, a P/E ratio of 25.22, a P/E/G ratio of 2.35 and a beta of 0.82. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $92.68. The company’s 50-day moving average price is $87.66 and its 200-day moving average price is $85.03. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business’s revenue was up 5.2% on a year-over-year basis. During the same period last year, the company posted $1.25 EPS. On average, sell-side analysts forecast that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 27th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.39%. The ex-dividend date is Friday, December 27th. Medtronic’s payout ratio is currently 85.63%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on MDT shares. Oppenheimer raised their price objective on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. Citigroup increased their price target on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. JPMorgan Chase & Co. cut their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Friday, November 15th. Stifel Nicolaus increased their target price on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $95.27.

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.