Doliver Advisors LP Reduces Position in Medtronic plc (NYSE:MDT)

Doliver Advisors LP decreased its stake in shares of Medtronic plc (NYSE:MDT) by 4.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,006 shares of the medical technology company’s stock after selling 640 shares during the quarter. Doliver Advisors LP’s holdings in Medtronic were worth $1,039,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Copley Financial Group Inc. purchased a new position in Medtronic in the 3rd quarter worth $694,000. Olstein Capital Management L.P. raised its stake in shares of Medtronic by 19.2% in the third quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock worth $7,833,000 after purchasing an additional 14,000 shares during the last quarter. Y Intercept Hong Kong Ltd lifted its holdings in shares of Medtronic by 322.6% during the third quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company’s stock worth $6,626,000 after purchasing an additional 56,178 shares during the period. Ferguson Wellman Capital Management Inc. purchased a new stake in Medtronic in the third quarter valued at approximately $9,486,000. Finally, Soltis Investment Advisors LLC boosted its position in Medtronic by 30.0% in the third quarter. Soltis Investment Advisors LLC now owns 88,110 shares of the medical technology company’s stock valued at $7,933,000 after buying an additional 20,352 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on MDT. Citigroup lifted their price objective on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. Truist Financial lowered their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Evercore ISI upped their target price on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Finally, Sanford C. Bernstein lifted their price target on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $95.00.

Medtronic Price Performance

Medtronic stock traded down $0.90 during midday trading on Monday, reaching $80.05. The company had a trading volume of 4,325,317 shares, compared to its average volume of 5,052,724. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $92.68. The company has a market capitalization of $102.65 billion, a P/E ratio of 24.48, a P/E/G ratio of 2.33 and a beta of 0.83. The firm’s fifty day simple moving average is $84.89 and its 200-day simple moving average is $84.93.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter last year, the business posted $1.25 earnings per share. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. As a group, equities analysts anticipate that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date is Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is 85.63%.

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.