Medtronic plc (NYSE:MDT) Shares Sold by Eliot Finkel Investment Counsel LLC

Eliot Finkel Investment Counsel LLC lessened its holdings in shares of Medtronic plc (NYSE:MDT) by 2.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 54,110 shares of the medical technology company’s stock after selling 1,160 shares during the period. Medtronic accounts for approximately 3.0% of Eliot Finkel Investment Counsel LLC’s investment portfolio, making the stock its 17th biggest position. Eliot Finkel Investment Counsel LLC’s holdings in Medtronic were worth $4,872,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. M&G Plc purchased a new stake in Medtronic in the 1st quarter valued at $259,160,000. Capital Research Global Investors increased its holdings in shares of Medtronic by 7.1% during the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after buying an additional 2,044,109 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of Medtronic by 1,195.9% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock valued at $144,637,000 after buying an additional 1,695,800 shares during the period. Troy Asset Management Ltd acquired a new position in Medtronic in the second quarter valued at approximately $85,440,000. Finally, 1832 Asset Management L.P. grew its position in Medtronic by 26.9% in the second quarter. 1832 Asset Management L.P. now owns 4,915,609 shares of the medical technology company’s stock worth $386,908,000 after acquiring an additional 1,041,863 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Up 2.7 %

Medtronic stock opened at $92.23 on Friday. The stock has a market cap of $118.26 billion, a PE ratio of 33.54, a P/E/G ratio of 2.53 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The stock’s fifty day moving average is $88.45 and its two-hundred day moving average is $83.60. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $92.25.

Medtronic (NYSE:MDT) last posted its earnings results 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. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter in the previous year, the business earned $1.20 earnings per share. The firm’s revenue was up 3.4% compared to the same quarter last year. On average, sell-side analysts expect that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.04%. Medtronic’s dividend payout ratio is currently 101.82%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MDT. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Truist Financial increased their price objective on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research report on Monday, October 14th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. Citigroup lifted their target price on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. Finally, Oppenheimer upped their target price on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Medtronic currently has an average rating of “Hold” and an average target price of $95.36.

About Medtronic

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.