Hollencrest Capital Management lowered its position in Medtronic plc (NYSE:MDT – Get Rating) by 6.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,680 shares of the medical technology company's stock after selling 559 shares during the quarter. Hollencrest Capital Management's holdings in Medtronic were worth $689,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Medtronic by 6.5% in the first quarter. Vanguard Group Inc. now owns 120,557,488 shares of the medical technology company's stock valued at $13,375,853,000 after buying an additional 7,403,778 shares during the period. BlackRock Inc. boosted its holdings in Medtronic by 4.7% in the fourth quarter. BlackRock Inc. now owns 107,903,362 shares of the medical technology company's stock valued at $11,162,603,000 after acquiring an additional 4,883,180 shares during the last quarter. State Street Corp boosted its holdings in Medtronic by 0.9% in the first quarter. State Street Corp now owns 58,504,184 shares of the medical technology company's stock valued at $6,527,226,000 after acquiring an additional 529,855 shares during the last quarter. Capital Research Global Investors boosted its holdings in Medtronic by 6.8% in the first quarter. Capital Research Global Investors now owns 22,023,597 shares of the medical technology company's stock valued at $2,443,518,000 after acquiring an additional 1,405,249 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Medtronic by 0.5% in the first quarter. Bank of New York Mellon Corp now owns 13,934,202 shares of the medical technology company's stock valued at $1,545,999,000 after acquiring an additional 68,785 shares during the last quarter. Institutional investors and hedge funds own 79.81% of the company's stock.
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Analyst Ratings Changes
MDT has been the topic of a number of research analyst reports. Piper Sandler cut their price target on Medtronic from $100.00 to $90.00 in a report on Tuesday, August 23rd. Wells Fargo & Company cut their target price on Medtronic from $104.00 to $96.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 24th. Truist Financial decreased their price objective on Medtronic from $111.00 to $97.00 and set a "hold" rating on the stock in a report on Wednesday, July 20th. Morgan Stanley reduced their target price on Medtronic from $103.00 to $101.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 24th. Finally, Wolfe Research started coverage on Medtronic in a research report on Tuesday, July 5th. They set an "underperform" rating and a $85.00 price target on the stock. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the company's stock. 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
MDT traded up $0.74 during midday trading on Friday, reaching $83.01. The company had a trading volume of 36,731 shares, compared to its average volume of 6,434,031. The company has a quick ratio of 1.23, a current ratio of 1.58 and a debt-to-equity ratio of 0.33. The business has a 50-day moving average of $90.15 and a two-hundred day moving average of $96.90. The company has a market cap of $110.33 billion, a P/E ratio of 21.26, a P/E/G ratio of 2.18 and a beta of 0.75. Medtronic plc has a 1 year low of $80.39 and a 1 year high of $128.85.
Medtronic (NYSE:MDT – Get Rating) last issued its quarterly earnings results on Tuesday, August 23rd. The medical technology company reported $1.13 EPS for the quarter, topping analysts' consensus estimates of $1.12 by $0.01. The business had revenue of $7.37 billion during the quarter, compared to analysts' expectations of $7.20 billion. Medtronic had a return on equity of 13.64% and a net margin of 16.75%. During the same quarter in the prior year, the business posted $1.41 earnings per share. As a group, equities research analysts predict that Medtronic plc will post 5.53 earnings per share for the current fiscal year.
Medtronic Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 23rd will be paid a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date of this dividend is Thursday, September 22nd. Medtronic's dividend payout ratio (DPR) is 70.28%.
Medtronic Profile
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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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