Medtronic PLC (NYSE:MDT) Shares Sold by Core Alternative Capital

Core Alternative Capital lessened its holdings in Medtronic PLC (NYSE:MDT) by 5.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 40,377 shares of the medical technology company’s stock after selling 2,140 shares during the period. Core Alternative Capital’s holdings in Medtronic were worth $3,628,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in MDT. Burkett Financial Services LLC raised its position in Medtronic by 185.0% in the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock valued at $26,000 after purchasing an additional 185 shares during the period. Rakuten Securities Inc. raised its holdings in shares of Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock valued at $27,000 after buying an additional 294 shares during the period. Wood Tarver Financial Group LLC purchased a new stake in shares of Medtronic during the 4th quarter valued at about $27,000. Columbia River Financial Group LLC acquired a new position in Medtronic during the 1st quarter worth approximately $28,000. Finally, Optiver Holding B.V. purchased a new position in Medtronic in the 4th quarter worth approximately $31,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of MDT opened at $88.50 on Friday. Medtronic PLC has a 52 week low of $75.96 and a 52 week high of $96.25. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. The firm has a market cap of $113.50 billion, a price-to-earnings ratio of 24.45, a PEG ratio of 2.39 and a beta of 0.80. The stock has a 50 day moving average of $85.30 and a 200-day moving average of $86.58.

Medtronic (NYSE:MDT) last released its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.04. The firm had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The firm’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.46 earnings per share. As a group, analysts forecast that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be paid a dividend of $0.71 per share. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. This represents a $2.84 annualized dividend and a yield of 3.21%. Medtronic’s dividend payout ratio is 78.45%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on MDT. Robert W. Baird reduced their target price on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a research report on Thursday, May 22nd. Truist Financial cut their price objective on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a report on Friday, April 11th. Wall Street Zen upgraded Medtronic from a “hold” rating to a “buy” rating in a research note on Saturday, June 21st. Wolfe Research upgraded Medtronic from an “underperform” rating to a “peer perform” rating in a research note on Monday, June 30th. Finally, Royal Bank Of Canada reduced their price target on Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a report on Thursday, May 22nd. Nine research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Medtronic presently has an average rating of “Moderate Buy” and an average target price of $97.87.

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.