AustralianSuper Pty Ltd lowered its holdings in shares of Medtronic plc (NYSE:MDT – Get Rating) by 79.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,270 shares of the medical technology company’s stock after selling 248,354 shares during the period. AustralianSuper Pty Ltd’s holdings in Medtronic were worth $5,768,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in the business. Landmark Wealth Management LLC bought a new stake in shares of Medtronic in the 1st quarter worth $25,000. Syverson Strege & Co bought a new stake in shares of Medtronic in the 1st quarter worth $29,000. Kenfarb & CO. bought a new stake in shares of Medtronic in the 4th quarter worth $29,000. Byrne Asset Management LLC bought a new stake in shares of Medtronic in the 4th quarter worth $34,000. Finally, Mascoma Wealth Management LLC raised its stake in shares of Medtronic by 41.7% in the 1st quarter. Mascoma Wealth Management LLC now owns 394 shares of the medical technology company’s stock worth $44,000 after buying an additional 116 shares in the last quarter. Institutional investors own 79.81% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages recently issued reports on MDT. StockNews.com cut Medtronic from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 24th. Wells Fargo & Company decreased their target price on Medtronic from $104.00 to $96.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 24th. Atlantic Securities cut Medtronic from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $125.00 to $105.00 in a report on Wednesday, June 1st. Raymond James cut Medtronic from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 24th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on Medtronic from $149.00 to $121.00 in a report on Friday, May 27th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $111.52.
Medtronic Stock Performance
Medtronic (NYSE:MDT – Get Rating) last announced its quarterly earnings results on Tuesday, August 23rd. The medical technology company reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.01. Medtronic had a return on equity of 13.64% and a net margin of 16.75%. During the same period in the previous year, the company earned $1.41 earnings per share. Analysts anticipate that Medtronic plc will post 5.53 earnings per share for the current fiscal year.
Medtronic Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 23rd will be given a $0.68 dividend. The ex-dividend date of this dividend is Thursday, September 22nd. This represents a $2.72 dividend on an annualized basis and a dividend yield of 3.17%. Medtronic’s dividend payout ratio is currently 70.28%.
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.
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