Medtronic plc (NYSE:MDT) Shares Sold by Cromwell Holdings LLC

Cromwell Holdings LLC decreased its position in shares of Medtronic plc (NYSE:MDT) by 33.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,904 shares of the medical technology company’s stock after selling 1,455 shares during the period. Cromwell Holdings LLC’s holdings in Medtronic were worth $263,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Lynx Investment Advisory bought a new stake in Medtronic during the second quarter worth approximately $28,000. Tributary Capital Management LLC acquired a new stake in Medtronic during the 1st quarter worth about $33,000. Gleason Group Inc. purchased a new position in shares of Medtronic in the second quarter worth approximately $42,000. Opal Wealth Advisors LLC acquired a new stake in Medtronic during the 2nd quarter valued at $43,000. Finally, Olistico Wealth LLC acquired a new stake in shares of Medtronic in the second quarter worth $45,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Performance

NYSE:MDT opened at $90.59 on Friday. The firm has a market capitalization of $116.18 billion, a PE ratio of 30.60, a PEG ratio of 2.60 and a beta of 0.84. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $92.68. The firm’s fifty day simple moving average is $89.30 and its 200 day simple moving average is $83.84.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.03. The business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm’s revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.20 EPS. On average, sell-side analysts anticipate that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is currently 94.59%.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of research reports. Wells Fargo & Company raised their price objective on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Citigroup boosted their price objective on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. Piper Sandler lifted their target price on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Finally, Truist Financial lifted their price objective on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $95.36.

Medtronic 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.