United Services Automobile Association Lowers Stake in Medtronic plc (NYSE:MDT)

United Services Automobile Association reduced its position in Medtronic plc (NYSE:MDT) by 3.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,198 shares of the medical technology company’s stock after selling 1,310 shares during the quarter. United Services Automobile Association’s holdings in Medtronic were worth $2,928,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Equity Investment Corp raised its holdings in Medtronic by 27.9% during the fourth quarter. Equity Investment Corp now owns 1,341,079 shares of the medical technology company’s stock valued at $110,478,000 after acquiring an additional 292,459 shares during the period. Chemung Canal Trust Co. raised its stake in Medtronic by 1,467.5% during the 1st quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock valued at $4,175,000 after purchasing an additional 44,846 shares during the period. Manning & Napier Advisors LLC purchased a new position in Medtronic in the 2nd quarter worth approximately $25,643,000. TD Asset Management Inc boosted its stake in Medtronic by 4.3% in the 4th quarter. TD Asset Management Inc now owns 1,034,214 shares of the medical technology company’s stock worth $85,199,000 after purchasing an additional 42,988 shares during the period. Finally, SageView Advisory Group LLC raised its position in shares of Medtronic by 130.3% during the first quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock valued at $1,467,000 after buying an additional 9,523 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Trading Up 0.8 %

Shares of NYSE MDT opened at $90.60 on Tuesday. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.49. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The business has a fifty day simple moving average of $82.56 and a two-hundred day simple moving average of $82.62. The firm has a market cap of $116.19 billion, a PE ratio of 32.95, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same quarter in the previous year, the business posted $1.20 EPS. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. Analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be given a dividend of $0.70 per share. The ex-dividend date is Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.09%. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Analyst Upgrades and Downgrades

MDT has been the subject of a number of research reports. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and upped their target price for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Daiwa America upgraded Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Piper Sandler boosted their target price on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. The Goldman Sachs Group initiated coverage on Medtronic in a research note on Thursday, May 30th. They set a “sell” rating and a $83.00 price target for the company. Finally, Stifel Nicolaus lifted their price objective on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $92.92.

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.