Highland Capital Management LLC Has $4.65 Million Stake in Medtronic plc (NYSE:MDT)

Highland Capital Management LLC reduced its stake in Medtronic plc (NYSE:MDT) by 4.6% in the 3rd quarter, Holdings Channel reports. The firm owned 51,680 shares of the medical technology company’s stock after selling 2,510 shares during the period. Highland Capital Management LLC’s holdings in Medtronic were worth $4,653,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. First PREMIER Bank boosted its stake in Medtronic by 1.8% in the third quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock valued at $577,000 after acquiring an additional 116 shares during the last quarter. Precision Wealth Strategies LLC lifted its stake in shares of Medtronic by 3.3% in the 3rd quarter. Precision Wealth Strategies LLC now owns 3,741 shares of the medical technology company’s stock valued at $337,000 after purchasing an additional 118 shares during the period. Lake Street Advisors Group LLC grew its stake in shares of Medtronic by 2.0% during the third quarter. Lake Street Advisors Group LLC now owns 6,024 shares of the medical technology company’s stock worth $547,000 after purchasing an additional 118 shares during the period. Quent Capital LLC grew its stake in shares of Medtronic by 8.0% during the first quarter. Quent Capital LLC now owns 1,680 shares of the medical technology company’s stock worth $146,000 after purchasing an additional 125 shares during the period. Finally, Abbrea Capital LLC lifted its stake in Medtronic by 2.5% in the first quarter. Abbrea Capital LLC now owns 5,077 shares of the medical technology company’s stock valued at $446,000 after buying an additional 125 shares during the period. Institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on MDT shares. Wells Fargo & Company upped their price target on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Citigroup upped their target price on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. Robert W. Baird lifted their price target on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Finally, Oppenheimer raised their price objective on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $95.36.

Medtronic Price Performance

NYSE MDT opened at $90.59 on Friday. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $92.68. The firm’s 50 day moving average is $89.30 and its 200-day moving average is $83.84. The company has a market capitalization of $116.18 billion, a PE ratio of 30.60, a price-to-earnings-growth ratio of 2.60 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

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

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.09%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is 94.59%.

Medtronic 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.