Forum Financial Management LP raised its holdings in Medtronic plc (NYSE:MDT – Get Rating) by 3.1% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,792 shares of the medical technology company's stock after purchasing an additional 297 shares during the quarter. Forum Financial Management LP's holdings in Medtronic were worth $791,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MDT. Castle Wealth Management LLC purchased a new stake in Medtronic in the second quarter valued at $28,000. IAG Wealth Partners LLC raised its position in Medtronic by 58.1% in the third quarter. IAG Wealth Partners LLC now owns 351 shares of the medical technology company's stock valued at $28,000 after purchasing an additional 129 shares during the period. Tortoise Investment Management LLC raised its position in Medtronic by 53.2% in the second quarter. Tortoise Investment Management LLC now owns 357 shares of the medical technology company's stock valued at $32,000 after purchasing an additional 124 shares during the period. West Branch Capital LLC raised its position in Medtronic by 84.8% in the second quarter. West Branch Capital LLC now owns 377 shares of the medical technology company's stock valued at $34,000 after purchasing an additional 173 shares during the period. Finally, Annapolis Financial Services LLC raised its holdings in shares of Medtronic by 368.0% in the 3rd quarter. Annapolis Financial Services LLC now owns 482 shares of the medical technology company's stock valued at $39,000 after buying an additional 379 shares during the period. Hedge funds and other institutional investors own 80.37% of the company's stock.
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Medtronic Stock Up 0.9 %
Medtronic stock opened at $82.58 on Friday. Medtronic plc has a fifty-two week low of $75.76 and a fifty-two week high of $114.31. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.41 and a current ratio of 1.76. The company has a market capitalization of $109.85 billion, a P/E ratio of 25.65, a PEG ratio of 2.01 and a beta of 0.72. The stock has a 50-day simple moving average of $78.91 and a 200-day simple moving average of $84.53.
Medtronic (NYSE:MDT – Get Rating) last posted its earnings results on Tuesday, November 22nd. The medical technology company reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.02. Medtronic had a return on equity of 13.52% and a net
margin of 14.03%. The business had revenue of $7.59 billion during the quarter, compared to the consensus estimate of $7.70 billion. During the same period in the previous year, the business earned $1.32 EPS. The business's quarterly revenue was down 3.3% on a year-over-year basis. Equities research analysts expect that Medtronic plc will post 5.26 earnings per share for the current year.
Medtronic Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, January 13th. Stockholders of record on Wednesday, December 21st were issued a $0.68 dividend. This represents a $2.72 annualized dividend and a dividend yield of 3.29%. The ex-dividend date was Tuesday, December 20th. Medtronic's payout ratio is currently 84.47%.
Analyst Upgrades and Downgrades
Several equities research analysts recently issued reports on the company. Jefferies Financial Group assumed coverage on Medtronic in a report on Wednesday, October 12th. They issued a "hold" rating and a $87.00 price objective on the stock. Cowen cut their price objective on Medtronic from $117.00 to $90.00 in a report on Wednesday, November 23rd. Morgan Stanley cut their price objective on Medtronic from $97.00 to $88.00 and set an "equal weight" rating on the stock in a report on Wednesday, November 23rd. Oppenheimer downgraded Medtronic from an "outperform" rating to a "market perform" rating and cut their price objective for the company from $106.00 to $85.00 in a report on Wednesday, November 23rd. Finally, Truist Financial cut their price objective on Medtronic from $89.00 to $84.00 in a report on Wednesday, November 23rd. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $94.25.
Insider Buying and Selling at Medtronic
In other Medtronic news, EVP Sean Salmon sold 16,631 shares of the company's stock in a transaction that occurred on Tuesday, December 13th. The stock was sold at an average price of $80.50, for a total transaction of $1,338,795.50. Following the completion of the sale, the executive vice president now directly owns 36,088 shares of the company's stock, valued at approximately $2,905,084. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.29% of the stock is owned by company insiders.
About Medtronic
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Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiovascular Porrtfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit.
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