Pine Valley Investments Ltd Liability Co Trims Position in Medtronic plc (NYSE:MDT)

Pine Valley Investments Ltd Liability Co reduced its holdings in Medtronic plc (NYSE:MDT) by 9.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,590 shares of the medical technology company’s stock after selling 1,021 shares during the period. Pine Valley Investments Ltd Liability Co’s holdings in Medtronic were worth $866,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Fortitude Family Office LLC purchased a new stake in Medtronic in the third quarter valued at $27,000. Darwin Wealth Management LLC acquired a new position in shares of Medtronic in the 3rd quarter valued at about $27,000. Highline Wealth Partners LLC purchased a new stake in shares of Medtronic in the third quarter worth about $27,000. J. Stern & Co. LLP acquired a new stake in Medtronic during the third quarter worth about $30,000. Finally, Chelsea Counsel Co. purchased a new position in Medtronic during the third quarter valued at approximately $45,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on MDT. Evercore ISI raised their price objective on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Piper Sandler upped their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. Oppenheimer raised their price objective on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Medtronic presently has a consensus rating of “Hold” and a consensus target price of $95.27.

Medtronic Stock Performance

NYSE MDT opened at $82.73 on Friday. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $92.68. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The stock’s fifty day moving average is $87.77 and its two-hundred day moving average is $84.99. The firm has a market capitalization of $106.08 billion, a P/E ratio of 25.30, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.01. The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. Medtronic’s revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.25 EPS. On average, research analysts anticipate that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 27th will be given a $0.70 dividend. The ex-dividend date is Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.38%. Medtronic’s dividend payout ratio is currently 85.63%.

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.