Franklin Resources Inc. Lowers Stock Position in Medtronic plc (NYSE:MDT)

Franklin Resources Inc. trimmed its holdings in Medtronic plc (NYSE:MDT) by 15.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,629,021 shares of the medical technology company’s stock after selling 3,065,673 shares during the quarter. Franklin Resources Inc. owned approximately 1.30% of Medtronic worth $1,496,762,000 at the end of the most recent quarter.

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

Medtronic Stock Performance

Shares of MDT opened at $82.73 on Friday. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $92.68. The company’s 50 day simple moving average is $87.77 and its 200 day simple moving average is $84.99. The company has a market capitalization of $106.08 billion, a price-to-earnings ratio of 25.30, a PEG ratio of 2.35 and a beta of 0.82. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates 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 return on equity of 13.79% and a net margin of 13.00%. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.25 EPS. On average, sell-side analysts predict that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on MDT shares. Barclays increased their price target on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Truist Financial raised their target price on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Monday, October 14th. Robert W. Baird lowered their target price on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday, November 20th. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Finally, Wells Fargo & Company lowered their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Medtronic presently has a consensus rating of “Hold” and a consensus price target of $95.27.

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.