Hemenway Trust Co LLC Reduces Stake in Medtronic plc (NYSE:MDT)

Hemenway Trust Co LLC cut its holdings in Medtronic plc (NYSE:MDT) by 22.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 142,099 shares of the medical technology company’s stock after selling 41,771 shares during the period. Hemenway Trust Co LLC’s holdings in Medtronic were worth $12,793,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Fortitude Family Office LLC purchased a new stake in Medtronic in the 3rd quarter worth $27,000. Highline Wealth Partners LLC bought a new position in shares of Medtronic in the third quarter worth about $27,000. Lynx Investment Advisory purchased a new stake in shares of Medtronic during the second quarter worth about $28,000. Gleason Group Inc. bought a new stake in Medtronic during the 2nd quarter valued at approximately $42,000. Finally, Opal Wealth Advisors LLC purchased a new position in Medtronic in the 2nd quarter worth approximately $43,000. 82.06% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Oppenheimer boosted their price target on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. Truist Financial boosted their target price on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research report on Monday, October 14th. Stifel Nicolaus raised their price target on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Friday, October 25th. Finally, Barclays raised their target price on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $95.36.

Medtronic Stock Down 0.1 %

Medtronic stock traded down $0.06 during midday trading on Tuesday, hitting $88.21. 256,835 shares of the company’s stock were exchanged, compared to its average volume of 6,168,251. Medtronic plc has a 12 month low of $71.64 and a 12 month high of $92.68. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The company has a market cap of $113.13 billion, a PE ratio of 29.82, a P/E/G ratio of 2.51 and a beta of 0.84. The firm has a 50-day moving average of $89.67 and a two-hundred day moving average of $84.57.

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

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s payout ratio is currently 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.