Atlantic Union Bankshares Corp reduced its stake in shares of Medtronic plc (NYSE:MDT – Get Rating) by 1.1% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 77,822 shares of the medical technology company's stock after selling 830 shares during the period. Atlantic Union Bankshares Corp's holdings in Medtronic were worth $6,984,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Chase Investment Counsel Corp raised its position in Medtronic by 2.9% during the 1st quarter. Chase Investment Counsel Corp now owns 3,220 shares of the medical technology company's stock worth $357,000 after buying an additional 90 shares during the last quarter. Wedge Capital Management L L P NC increased its holdings in shares of Medtronic by 3.6% during the 1st quarter. Wedge Capital Management L L P NC now owns 2,633 shares of the medical technology company's stock valued at $292,000 after purchasing an additional 92 shares in the last quarter. Main Street Financial Solutions LLC increased its holdings in shares of Medtronic by 0.9% during the 1st quarter. Main Street Financial Solutions LLC now owns 9,944 shares of the medical technology company's stock valued at $1,103,000 after purchasing an additional 92 shares in the last quarter. Rosenberg Matthew Hamilton increased its holdings in shares of Medtronic by 7.9% during the 1st quarter. Rosenberg Matthew Hamilton now owns 1,286 shares of the medical technology company's stock valued at $143,000 after purchasing an additional 94 shares in the last quarter. Finally, Riverwater Partners LLC increased its holdings in shares of Medtronic by 2.2% during the 1st quarter. Riverwater Partners LLC now owns 4,527 shares of the medical technology company's stock valued at $502,000 after purchasing an additional 99 shares in the last quarter. 79.81% of the stock is owned by institutional investors.
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Analyst Upgrades and Downgrades
MDT has been the topic of a number of research analyst reports. Raymond James cut shares of Medtronic from an "outperform" rating to a "market perform" rating in a research note on Wednesday, August 24th. Wolfe Research started coverage on shares of Medtronic in a research note on Tuesday, July 5th. They set an "underperform" rating and a $85.00 target price on the stock. Piper Sandler lowered their target price on shares of Medtronic from $100.00 to $90.00 in a research note on Tuesday, August 23rd. Truist Financial lowered their target price on shares of Medtronic from $111.00 to $97.00 and set a "hold" rating on the stock in a research note on Wednesday, July 20th. Finally, Stifel Nicolaus lowered their target price on shares of Medtronic from $125.00 to $105.00 in a research note on Monday, July 18th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Medtronic presently has an average rating of "Hold" and an average price target of $111.52.
Medtronic Stock Performance
Shares of Medtronic stock traded up $0.05 during trading hours on Friday, hitting $82.32. 95,266 shares of the company were exchanged, compared to its average volume of 6,434,031. The business has a 50-day moving average of $90.15 and a 200-day moving average of $96.90. The stock has a market capitalization of $109.42 billion, a price-to-earnings ratio of 21.50, a P/E/G ratio of 2.18 and a beta of 0.75. The company has a current ratio of 1.58, a quick ratio of 1.23 and a debt-to-equity ratio of 0.33. Medtronic plc has a 1 year low of $80.39 and a 1 year high of $128.85.
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, beating 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 last year, the business posted $1.41 earnings per share. As a group, analysts expect that Medtronic plc will post 5.53 EPS for the current fiscal year.
Medtronic Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 23rd will be given a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a yield of 3.30%. The ex-dividend date is Thursday, September 22nd. Medtronic's dividend payout ratio (DPR) is presently 70.28%.
About Medtronic
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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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