Exchange Traded Concepts LLC Reduces Position in Medtronic plc (NYSE:MDT)

Exchange Traded Concepts LLC lessened its holdings in shares of Medtronic plc (NYSE:MDTFree Report) by 71.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,167 shares of the medical technology company’s stock after selling 81,980 shares during the period. Exchange Traded Concepts LLC’s holdings in Medtronic were worth $2,980,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. TCTC Holdings LLC boosted its position in shares of Medtronic by 3.4% during the fourth quarter. TCTC Holdings LLC now owns 39,718 shares of the medical technology company’s stock valued at $3,173,000 after buying an additional 1,301 shares during the period. Brighton Jones LLC boosted its holdings in shares of Medtronic by 1,368.0% in the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock valued at $3,194,000 after purchasing an additional 37,265 shares during the period. Oxford Asset Management LLP boosted its holdings in shares of Medtronic by 70.1% in the fourth quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company’s stock valued at $594,000 after purchasing an additional 3,068 shares during the period. New Vernon Investment Management LLC boosted its holdings in shares of Medtronic by 304.9% in the fourth quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company’s stock valued at $2,425,000 after purchasing an additional 22,300 shares during the period. Finally, Advisor OS LLC boosted its holdings in shares of Medtronic by 152.0% in the fourth quarter. Advisor OS LLC now owns 11,800 shares of the medical technology company’s stock valued at $943,000 after purchasing an additional 7,118 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of MDT stock opened at $87.92 on Tuesday. The business’s fifty day simple moving average is $84.33 and its 200-day simple moving average is $86.27. The company has a market cap of $112.76 billion, a PE ratio of 26.72, a PEG ratio of 2.22 and a beta of 0.79. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25.

Medtronic (NYSE:MDTGet Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.04. The business had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The business’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.46 earnings per share. Analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 3.23%. This is an increase from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, June 27th. Medtronic’s dividend payout ratio is presently 78.45%.

Analysts Set New Price Targets

A number of analysts recently issued reports on MDT shares. Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and boosted their price target for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. UBS Group boosted their price target on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Robert W. Baird lowered their price target on Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a report on Thursday, May 22nd. Wall Street Zen lowered Medtronic from a “buy” rating to a “hold” rating in a report on Saturday, May 24th. Finally, Truist Financial reduced their price objective on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research note on Friday, April 11th. Nine analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $97.87.

Check Out Our Latest Analysis on MDT

About Medtronic

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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