Coho Partners Ltd. Reduces Stock Position in Medtronic plc (NYSE:MDT)

Coho Partners Ltd. lowered its stake in shares of Medtronic plc (NYSE:MDT) by 10.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,035,115 shares of the medical technology company’s stock after selling 119,595 shares during the quarter. Medtronic comprises 3.4% of Coho Partners Ltd.’s portfolio, making the stock its 15th largest position. Coho Partners Ltd. owned approximately 0.08% of Medtronic worth $93,191,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in MDT. Sunbelt Securities Inc. lifted its position in Medtronic by 124.9% in the 1st quarter. Sunbelt Securities Inc. now owns 3,128 shares of the medical technology company’s stock valued at $273,000 after acquiring an additional 1,737 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new stake in shares of Medtronic during the first quarter valued at $152,000. DGS Capital Management LLC boosted its position in shares of Medtronic by 106.8% during the first quarter. DGS Capital Management LLC now owns 5,953 shares of the medical technology company’s stock valued at $519,000 after buying an additional 3,075 shares during the last quarter. Wealthcare Advisory Partners LLC increased its holdings in Medtronic by 21.4% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 8,378 shares of the medical technology company’s stock worth $730,000 after buying an additional 1,476 shares in the last quarter. Finally, Signet Financial Management LLC raised its position in Medtronic by 5.3% in the 1st quarter. Signet Financial Management LLC now owns 3,120 shares of the medical technology company’s stock worth $272,000 after buying an additional 157 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of MDT opened at $92.27 on Thursday. The firm has a 50-day simple moving average of $89.04 and a two-hundred day simple moving average of $83.74. The stock has a market cap of $118.32 billion, a PE ratio of 33.55, a P/E/G ratio of 2.53 and a beta of 0.84. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $92.39. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The company had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm’s revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.20 earnings per share. As a group, analysts forecast that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Announces Dividend

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 $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 3.03%. Medtronic’s dividend payout ratio is currently 101.82%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MDT. Evercore ISI raised their price target on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Piper Sandler raised their target price on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Robert W. Baird raised their price objective on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Finally, Barclays boosted their target price on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Medtronic currently has an average rating of “Hold” and an average price target of $95.36.

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.