abrdn plc lessened its stake in shares of Medtronic plc (NYSE:MDT - Free Report) by 21.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,300,288 shares of the medical technology company's stock after selling 345,521 shares during the quarter. abrdn plc owned about 0.10% of Medtronic worth $116,278,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of the stock. Manning & Napier Advisors LLC purchased a new position in shares of Medtronic in the 2nd quarter worth $25,643,000. SageView Advisory Group LLC raised its position in Medtronic by 130.3% in the first quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company's stock valued at $1,467,000 after purchasing an additional 9,523 shares during the period. Daiwa Securities Group Inc. increased its position in shares of Medtronic by 10.0% during the first quarter. Daiwa Securities Group Inc. now owns 135,268 shares of the medical technology company's stock worth $11,789,000 after acquiring an additional 12,250 shares during the last quarter. Empowered Funds LLC increased its position in shares of Medtronic by 174.9% during the first quarter. Empowered Funds LLC now owns 74,903 shares of the medical technology company's stock worth $6,528,000 after acquiring an additional 47,657 shares during the last quarter. Finally, National Bank of Canada FI increased its position in shares of Medtronic by 13.6% during the first quarter. National Bank of Canada FI now owns 261,325 shares of the medical technology company's stock worth $21,642,000 after acquiring an additional 31,195 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.
Analyst Ratings Changes
MDT has been the topic of several research reports. Daiwa America upgraded Medtronic to a "strong-buy" rating in a research note on Friday, August 23rd. Truist Financial increased their price objective on Medtronic from $90.00 to $93.00 and gave the stock a "hold" rating in a report on Monday, October 14th. Robert W. Baird upped their target price on Medtronic from $82.00 to $90.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 21st. Evercore ISI upped their target price on Medtronic from $100.00 to $104.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 1st. Finally, Citigroup increased their price objective on Medtronic from $85.00 to $92.00 and gave the company a "neutral" rating in a research report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $95.36.
Check Out Our Latest Stock Analysis on MDT
Medtronic Stock Down 0.3 %
Shares of NYSE MDT traded down $0.28 during mid-day trading on Tuesday, reaching $90.32. The company had a trading volume of 5,136,234 shares, compared to its average volume of 6,200,858. Medtronic plc has a twelve month low of $68.84 and a twelve 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 stock has a market capitalization of $115.81 billion, a PE ratio of 32.95, a price-to-earnings-growth ratio of 2.60 and a beta of 0.84. The stock's 50 day moving average is $89.42 and its 200-day moving average is $83.91.
Medtronic (NYSE:MDT - Get Free Report) last released its earnings results 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 during the quarter, compared to analysts' expectations of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm's revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the company earned $1.20 earnings per share. As a group, equities analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current fiscal year.
Medtronic Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date was Friday, September 27th. Medtronic's dividend payout ratio is currently 101.82%.
Medtronic Company Profile
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Free Report)
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.
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