CTC Alternative Strategies Ltd. Cuts Holdings in Medtronic plc (NYSE:MDT)

CTC Alternative Strategies Ltd. trimmed its holdings in shares of Medtronic plc (NYSE:MDT) by 44.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,363 shares of the medical technology company’s stock after selling 2,637 shares during the quarter. CTC Alternative Strategies Ltd.’s holdings in Medtronic were worth $303,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of MDT. Fortitude Family Office LLC purchased a new position in Medtronic during the third quarter valued at approximately $27,000. Highline Wealth Partners LLC purchased a new position in Medtronic during the third quarter valued at approximately $27,000. Darwin Wealth Management LLC purchased a new position in Medtronic during the third quarter valued at approximately $27,000. J. Stern & Co. LLP acquired a new stake in Medtronic in the third quarter valued at approximately $30,000. Finally, Opal Wealth Advisors LLC acquired a new stake in Medtronic in the second quarter valued at approximately $43,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Trading Down 0.2 %

NYSE MDT opened at $84.01 on Friday. The company has a market capitalization of $107.73 billion, a PE ratio of 25.69, a P/E/G ratio of 2.42 and a beta of 0.82. The company has a fifty day moving average of $88.25 and a 200 day moving average of $84.99. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $92.68. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.25 earnings per share. Research analysts forecast that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 27th will be issued a $0.70 dividend. The ex-dividend date is Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.33%. Medtronic’s payout ratio is 85.63%.

Analyst Ratings Changes

Several equities research analysts have weighed in on MDT shares. JPMorgan Chase & Co. lowered their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Barclays raised their target price on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and raised their target price for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Finally, Oppenheimer lifted their price objective 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. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $95.27.

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.