Harfst & Associates Inc. Cuts Stock Holdings in Medtronic plc (NYSE:MDT)

Harfst & Associates Inc. lowered its stake in Medtronic plc (NYSE:MDT) by 34.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,803 shares of the medical technology company’s stock after selling 2,558 shares during the period. Harfst & Associates Inc.’s holdings in Medtronic were worth $432,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Lynx Investment Advisory purchased a new stake in Medtronic during the 2nd quarter valued at $28,000. Tributary Capital Management LLC purchased a new stake in shares of Medtronic in the first quarter worth $33,000. Riverview Trust Co purchased a new stake in Medtronic during the 1st quarter valued at about $39,000. Gleason Group Inc. bought a new stake in shares of Medtronic during the second quarter valued at approximately $42,000. Finally, Opal Wealth Advisors LLC purchased a new position in Medtronic in the 2nd quarter worth approximately $43,000. Institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MDT. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Stifel Nicolaus upped their target price on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. Oppenheimer increased their price objective on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report on Wednesday, August 21st. Finally, Piper Sandler lifted their target price on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. 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 given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $95.36.

Medtronic Stock Performance

MDT traded up $2.45 during midday trading on Friday, reaching $92.24. The company had a trading volume of 7,355,589 shares, compared to its average volume of 6,255,872. The business has a 50-day moving average of $88.45 and a two-hundred day moving average of $83.60. 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 plc has a 1 year low of $68.84 and a 1 year high of $92.25. The company has a market cap of $118.28 billion, a P/E ratio of 33.54, a P/E/G ratio of 2.53 and a beta of 0.84.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The company had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm’s revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the business earned $1.20 EPS. As a group, equities research analysts predict 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. Shareholders of record on Friday, September 27th were paid a $0.70 dividend. The ex-dividend date was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.04%. Medtronic’s payout ratio is presently 101.82%.

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.