Marcum Wealth LLC Sells 1,012 Shares of Medtronic plc (NYSE:MDT)

Marcum Wealth LLC trimmed its position in shares of Medtronic plc (NYSE:MDT) by 10.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,646 shares of the medical technology company’s stock after selling 1,012 shares during the period. Marcum Wealth LLC’s holdings in Medtronic were worth $778,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Boyar Asset Management Inc. raised its stake in shares of Medtronic by 2.6% during the fourth quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock worth $383,000 after acquiring an additional 120 shares in the last quarter. Groupama Asset Managment bought a new position in shares of Medtronic during the 4th quarter valued at $17,225,000. Forefront Analytics LLC purchased a new position in Medtronic in the 4th quarter worth $201,000. Financial Network Wealth Advisors LLC bought a new stake in Medtronic in the fourth quarter worth $278,000. Finally, Petredis Investment Advisors LLC purchased a new stake in Medtronic during the fourth quarter valued at about $2,159,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MDT has been the topic of several analyst reports. Piper Sandler lifted their price objective on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Daiwa America upgraded Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Evercore ISI raised their target price on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Citigroup lifted their target price 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. Finally, Barclays increased their price target on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Medtronic has a consensus rating of “Hold” and a consensus target price of $95.14.

Medtronic Trading Up 0.6 %

Shares of MDT opened at $88.85 on Friday. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.49. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The firm’s 50-day moving average price is $87.22 and its 200-day moving average price is $83.38. The firm has a market capitalization of $113.93 billion, a price-to-earnings ratio of 32.31, a PEG ratio of 2.56 and a beta of 0.84.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. The business had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business’s revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.20 EPS. Sell-side analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.15%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio is currently 101.82%.

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.