Capstone Triton Financial Group LLC Decreases Stake in Medtronic plc (NYSE:MDT)

Capstone Triton Financial Group LLC lowered its holdings in Medtronic plc (NYSE:MDT) by 1.5% during the third quarter, Holdings Channel reports. The fund owned 9,796 shares of the medical technology company’s stock after selling 152 shares during the quarter. Capstone Triton Financial Group LLC’s holdings in Medtronic were worth $882,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MDT. Allspring Global Investments Holdings LLC grew its position in shares of Medtronic by 14.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 887,610 shares of the medical technology company’s stock valued at $77,355,000 after purchasing an additional 113,125 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Medtronic by 0.3% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,207,374 shares of the medical technology company’s stock valued at $279,523,000 after purchasing an additional 8,118 shares during the period. Valeo Financial Advisors LLC lifted its stake in shares of Medtronic by 5.8% in the first quarter. Valeo Financial Advisors LLC now owns 22,316 shares of the medical technology company’s stock worth $1,945,000 after buying an additional 1,233 shares in the last quarter. KFG Wealth Management LLC lifted its stake in shares of Medtronic by 8.1% in the first quarter. KFG Wealth Management LLC now owns 3,218 shares of the medical technology company’s stock worth $280,000 after buying an additional 241 shares in the last quarter. Finally, Kovack Advisors Inc. lifted its stake in shares of Medtronic by 26.8% in the first quarter. Kovack Advisors Inc. now owns 8,843 shares of the medical technology company’s stock worth $771,000 after buying an additional 1,870 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

MDT has been the subject of a number of recent analyst reports. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Truist Financial lifted their price target on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday, October 14th. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Wells Fargo & Company lifted their price target on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $95.36.

Medtronic Stock Performance

Medtronic stock traded down $0.01 during trading hours on Wednesday, reaching $90.31. 703,931 shares of the stock were exchanged, compared to its average volume of 6,184,890. The stock has a market cap of $115.80 billion, a P/E ratio of 32.85, a P/E/G ratio of 2.60 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. Medtronic plc has a 52-week low of $69.32 and a 52-week high of $92.68. The firm’s 50 day moving average is $89.52 and its 200 day moving average is $83.98.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share 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 business had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. During the same period in the prior year, the company posted $1.20 EPS. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. Analysts predict that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were paid a $0.70 dividend. The ex-dividend date was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.10%. Medtronic’s payout ratio is 101.82%.

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.