Trust Point Inc. Sells 398 Shares of Medtronic plc (NYSE:MDT)

Trust Point Inc. decreased its stake in shares of Medtronic plc (NYSE:MDT) by 3.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,112 shares of the medical technology company’s stock after selling 398 shares during the quarter. Trust Point Inc.’s holdings in Medtronic were worth $1,000,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in MDT. Capital Research Global Investors increased its stake in shares of Medtronic by 7.1% during the first 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 buying an additional 2,044,109 shares during the period. Pzena Investment Management LLC raised its stake in shares of Medtronic by 8.3% during the 2nd quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock worth $653,854,000 after acquiring an additional 637,931 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Medtronic by 7.8% in the second quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock worth $560,494,000 after purchasing an additional 515,751 shares during the last quarter. Longview Partners Guernsey LTD boosted its position in shares of Medtronic by 2.3% in the 1st quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company’s stock worth $578,245,000 after purchasing an additional 147,737 shares in the last quarter. Finally, Raymond James & Associates raised its stake in Medtronic by 5.7% in the second quarter. Raymond James & Associates now owns 6,246,361 shares of the medical technology company’s stock valued at $491,651,000 after buying an additional 336,618 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

NYSE MDT traded up $0.64 during trading hours on Friday, reaching $90.43. The company’s stock had a trading volume of 1,711,731 shares, compared to its average volume of 6,227,547. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.49. The company’s 50-day moving average is $88.25 and its two-hundred day moving average is $83.56. The firm has a market capitalization of $115.96 billion, a price-to-earnings ratio of 32.65, a P/E/G ratio of 2.53 and a beta of 0.84.

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

Medtronic Announces Dividend

The company also recently disclosed 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 annualized dividend and a yield of 3.10%. The ex-dividend date was Friday, September 27th. Medtronic’s payout ratio is currently 101.82%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Citigroup boosted their price target on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Piper Sandler raised their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Barclays boosted their price objective on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Finally, Oppenheimer boosted their price target on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $95.36.

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.