AlphaCentric Advisors LLC Reduces Holdings in Medtronic plc (NYSE:MDT)

AlphaCentric Advisors LLC decreased its holdings in shares of Medtronic plc (NYSE:MDT) by 71.4% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 5,000 shares of the medical technology company’s stock after selling 12,500 shares during the period. AlphaCentric Advisors LLC’s holdings in Medtronic were worth $450,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of MDT. Fortitude Family Office LLC purchased a new stake in shares of Medtronic during the third quarter worth about $27,000. Highline Wealth Partners LLC purchased a new stake in shares of Medtronic during the third quarter worth about $27,000. Lynx Investment Advisory purchased a new stake in shares of Medtronic during the second quarter worth about $28,000. Gleason Group Inc. acquired a new stake in shares of Medtronic during the second quarter worth about $42,000. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of Medtronic during the second quarter worth about $43,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

MDT stock opened at $89.31 on Tuesday. 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 firm has a market capitalization of $114.54 billion, a P/E ratio of 30.17, a P/E/G ratio of 2.57 and a beta of 0.84. The business’s 50-day moving average is $89.64 and its two-hundred day moving average is $84.27. Medtronic plc has a 1 year low of $69.32 and a 1 year high of $92.68.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter in the prior year, the business posted $1.20 EPS. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. Analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company 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 was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.14%. Medtronic’s dividend payout ratio is presently 94.59%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Barclays lifted their target price on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Wells Fargo & Company lifted their target price on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Citigroup boosted their price target on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. UBS Group raised 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 note on Thursday, August 15th. Finally, Truist Financial upped their target price on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Monday, October 14th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Medtronic has a consensus rating of “Hold” and an average price target 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.