Interchange Capital Partners LLC Decreases Position in Medtronic plc (NYSE:MDT)

Interchange Capital Partners LLC cut its holdings in Medtronic plc (NYSE:MDT) by 3.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,803 shares of the medical technology company’s stock after selling 147 shares during the quarter. Interchange Capital Partners LLC’s holdings in Medtronic were worth $433,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the business. Fortitude Family Office LLC bought a new stake in Medtronic in the third quarter worth $27,000. Highline Wealth Partners LLC purchased a new stake in Medtronic during the 3rd quarter valued at $27,000. Lynx Investment Advisory purchased a new position in shares of Medtronic in the 2nd quarter worth $28,000. Gleason Group Inc. bought a new stake in shares of Medtronic in the second quarter worth $42,000. Finally, Opal Wealth Advisors LLC purchased a new stake in Medtronic during the second quarter valued at $43,000. 82.06% of the stock is currently owned by institutional investors.

Medtronic Price Performance

NYSE MDT traded up $0.97 during trading hours on Friday, reaching $90.22. The company’s stock had a trading volume of 466,176 shares, compared to its average volume of 6,183,350. The firm has a market capitalization of $115.70 billion, a price-to-earnings ratio of 30.15, a P/E/G ratio of 2.59 and a beta of 0.84. The company’s 50-day moving average is $89.61 and its two-hundred day moving average is $84.06. 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 plc has a 1-year low of $69.32 and a 1-year high of $92.68.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share 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 company had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same quarter last year, the firm posted $1.20 EPS. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, equities analysts predict that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio is presently 94.59%.

Analyst Ratings Changes

MDT has been the topic of several recent research reports. Stifel Nicolaus raised their price objective on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Wells Fargo & Company increased their price target on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Robert W. Baird upped their price objective on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Citigroup lifted their target price on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. Finally, Barclays raised their price objective on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Medtronic presently has an average rating of “Hold” and a consensus target price of $95.36.

Medtronic Company 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.