J.W. Cole Advisors Inc. Cuts Holdings in Medtronic plc (NYSE:MDT)

J.W. Cole Advisors Inc. reduced its position in Medtronic plc (NYSE:MDT) by 18.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 13,964 shares of the medical technology company’s stock after selling 3,233 shares during the quarter. J.W. Cole Advisors Inc.’s holdings in Medtronic were worth $1,099,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in MDT. Norges Bank acquired a new stake in Medtronic in the 4th quarter valued at $1,229,726,000. M&G Plc acquired a new stake in Medtronic in the 1st quarter valued at $259,160,000. Capital Research Global Investors increased its holdings in Medtronic by 7.1% in the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock valued at $2,691,577,000 after purchasing an additional 2,044,109 shares in the last quarter. Pzena Investment Management LLC increased its holdings in Medtronic by 30.9% in the 4th quarter. Pzena Investment Management LLC now owns 7,500,562 shares of the medical technology company’s stock valued at $617,896,000 after purchasing an additional 1,769,985 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in Medtronic by 145.4% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,372,641 shares of the medical technology company’s stock valued at $195,431,000 after purchasing an additional 1,405,978 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Daiwa America upgraded Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Truist Financial raised their target price on Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research note on Friday, August 23rd. Barclays raised their target price on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and raised their target price for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. Finally, Wells Fargo & Company raised their target price on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $92.92.

Medtronic Stock Performance

Shares of NYSE MDT opened at $90.00 on Monday. 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 firm’s 50-day moving average price is $83.60 and its two-hundred day moving average price is $82.79. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $91.49. The stock has a market capitalization of $115.40 billion, a P/E ratio of 32.73, a P/E/G ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter last year, the company posted $1.20 earnings per share. Medtronic’s revenue was up 3.4% on a year-over-year basis. As a group, sell-side analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

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.