AlphaCentric Advisors LLC Sells 12,500 Shares of Medtronic plc (NYSE:MDT)

AlphaCentric Advisors LLC lowered its stake in shares of Medtronic plc (NYSE:MDT) by 71.4% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 5,000 shares of the medical technology company’s stock after selling 12,500 shares during the period. AlphaCentric Advisors LLC’s holdings in Medtronic were worth $450,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Fortitude Family Office LLC bought a new position in Medtronic during the 3rd quarter valued at about $27,000. Highline Wealth Partners LLC bought a new position in shares of Medtronic in the 3rd quarter worth approximately $27,000. Lynx Investment Advisory bought a new position in shares of Medtronic in the 2nd quarter worth approximately $28,000. Gleason Group Inc. bought a new position in shares of Medtronic in the 2nd quarter worth approximately $42,000. Finally, Opal Wealth Advisors LLC bought a new position in shares of Medtronic in the 2nd quarter worth approximately $43,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Down 0.8 %

NYSE:MDT opened at $89.31 on Tuesday. Medtronic plc has a twelve month low of $69.32 and a twelve month high of $92.68. The company has a market cap of $114.54 billion, a price-to-earnings ratio of 30.17, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. The stock has a fifty day simple moving average of $89.64 and a 200-day simple moving average of $84.27. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55.

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

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders 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 annualized dividend and a yield of 3.14%. Medtronic’s dividend payout ratio (DPR) is presently 94.59%.

Analyst Upgrades and Downgrades

MDT has been the topic of several recent research reports. Robert W. Baird increased their price objective on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Friday, October 25th. Citigroup increased their price objective on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Oppenheimer increased their target price on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. Finally, Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $95.36.

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.