Medtronic plc (NYSE:MDT) Position Lessened by ELCO Management Co. LLC

ELCO Management Co. LLC lowered its position in Medtronic plc (NYSE:MDT) by 15.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,143 shares of the medical technology company’s stock after selling 764 shares during the quarter. ELCO Management Co. LLC’s holdings in Medtronic were worth $326,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. LifeSteps Financial Inc. acquired a new position in shares of Medtronic during the 1st quarter worth $27,000. Lynx Investment Advisory bought a new stake in shares of Medtronic during the 2nd quarter worth about $28,000. Tributary Capital Management LLC acquired a new position in shares of Medtronic during the 1st quarter valued at about $33,000. Fortis Group Advisors LLC boosted its position in Medtronic by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after purchasing an additional 230 shares during the period. Finally, Riverview Trust Co acquired a new stake in shares of Medtronic in the first quarter worth $39,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on MDT shares. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and increased their price objective for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. Oppenheimer boosted their target price on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. Truist Financial raised their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research report on Friday, August 23rd. Finally, Piper Sandler upped their price objective on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $92.92.

Medtronic Stock Down 0.1 %

NYSE MDT opened at $89.76 on Wednesday. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.49. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The stock’s 50 day moving average is $85.26 and its two-hundred day moving average is $83.02. The company has a market capitalization of $115.12 billion, a price-to-earnings ratio of 32.64, a PEG ratio of 2.56 and a beta of 0.84.

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

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.12%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s payout ratio is 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.