Cornerstone Advisors LLC Reduces Stock Position in Medtronic plc (NYSE:MDT)

Cornerstone Advisors LLC cut its stake in Medtronic plc (NYSE:MDT) by 1.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 51,100 shares of the medical technology company’s stock after selling 500 shares during the period. Cornerstone Advisors LLC’s holdings in Medtronic were worth $4,022,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Chemung Canal Trust Co. increased its holdings in Medtronic by 1,467.5% in the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock valued at $4,175,000 after buying an additional 44,846 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of Medtronic during the 2nd quarter worth approximately $25,643,000. TD Asset Management Inc increased its stake in shares of Medtronic by 4.3% during the 4th quarter. TD Asset Management Inc now owns 1,034,214 shares of the medical technology company’s stock worth $85,199,000 after purchasing an additional 42,988 shares in the last quarter. SageView Advisory Group LLC increased its stake in shares of Medtronic by 130.3% during the 1st quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock worth $1,467,000 after purchasing an additional 9,523 shares in the last quarter. Finally, Camden National Bank increased its stake in shares of Medtronic by 98.7% during the 4th quarter. Camden National Bank now owns 120,054 shares of the medical technology company’s stock worth $9,890,000 after purchasing an additional 59,625 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

Shares of MDT opened at $90.00 on Monday. The firm has a market cap of $115.40 billion, a PE ratio of 32.73, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. The company’s fifty day moving average is $83.60 and its two-hundred day moving average is $82.79. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.49. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. The business had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.20 EPS. Analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a dividend of $0.70 per share. The ex-dividend date is Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.11%. Medtronic’s payout ratio is 101.82%.

Wall Street Analyst Weigh In

MDT has been the subject of a number of recent research reports. Wells Fargo & Company raised their price objective on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. 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. Stifel Nicolaus lifted 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. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a research note on Wednesday, August 21st. Finally, Truist Financial lifted their target price on shares of Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have issued 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 $92.92.

Medtronic 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.