Medtronic plc (NYSE:MDT) Shares Sold by Mediolanum International Funds Ltd

Mediolanum International Funds Ltd trimmed its stake in shares of Medtronic plc (NYSE:MDT) by 3.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 292,515 shares of the medical technology company’s stock after selling 9,714 shares during the period. Mediolanum International Funds Ltd’s holdings in Medtronic were worth $26,084,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Lynx Investment Advisory acquired a new stake in Medtronic in the second quarter valued at approximately $28,000. Tributary Capital Management LLC acquired a new stake in Medtronic in the first quarter valued at approximately $33,000. Gleason Group Inc. acquired a new stake in Medtronic in the second quarter valued at approximately $42,000. Opal Wealth Advisors LLC acquired a new stake in Medtronic in the second quarter valued at approximately $43,000. Finally, Olistico Wealth LLC acquired a new stake in Medtronic in the second quarter valued at approximately $45,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have commented on the company. Citigroup raised their price objective on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. Robert W. Baird raised their target price on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Barclays raised their target price on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Finally, Stifel Nicolaus raised their target price on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. 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 MarketBeat, Medtronic has an average rating of “Hold” and an average target price of $95.36.

Medtronic Stock Performance

MDT traded down $0.07 on Friday, hitting $90.92. 805,106 shares of the company traded hands, compared to its average volume of 6,202,194. The company has a 50 day moving average of $89.04 and a 200-day moving average of $83.74. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $116.60 billion, a PE ratio of 30.54, a PEG ratio of 2.60 and a beta of 0.84. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $92.68.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $7.90 billion. During the same quarter in the previous year, the firm posted $1.20 EPS. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. Sell-side analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 94.59%.

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.