Keynote Financial Services LLC Trims Stock Holdings in Medtronic plc (NYSE:MDT)

Keynote Financial Services LLC decreased its holdings in shares of Medtronic plc (NYSE:MDT) by 4.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,032 shares of the medical technology company’s stock after selling 400 shares during the period. Keynote Financial Services LLC’s holdings in Medtronic were worth $723,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of MDT. Fortitude Family Office LLC bought a new position in Medtronic in the third quarter worth about $27,000. Highline Wealth Partners LLC bought a new position in Medtronic during the 3rd quarter worth $27,000. Lynx Investment Advisory acquired a new stake in Medtronic in the second quarter worth $28,000. Gleason Group Inc. acquired a new stake in shares of Medtronic in the 2nd quarter worth about $42,000. Finally, Opal Wealth Advisors LLC bought a new stake in Medtronic in the 2nd quarter valued at about $43,000. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Down 2.2 %

MDT stock opened at $88.12 on Friday. The firm has a market cap of $113.01 billion, a PE ratio of 29.77, a P/E/G ratio of 2.55 and a beta of 0.84. Medtronic plc has a 12 month low of $69.32 and a 12 month high of $92.68. 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 firm has a 50 day simple moving average of $89.69 and a 200 day simple moving average of $84.38.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 13.68% and a net margin of 12.06%. The firm’s revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.20 earnings per share. Equities research analysts forecast that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were given a $0.70 dividend. The ex-dividend date was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.18%. Medtronic’s dividend payout ratio (DPR) is 94.59%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on MDT shares. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday, October 25th. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Truist Financial lifted their target price on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday, October 14th. Evercore ISI increased their price target on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Finally, Oppenheimer lifted their price objective on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic presently has an average rating of “Hold” and an average 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.