Tidal Investments LLC Lowers Stock Holdings in Medtronic plc (NYSE:MDT)

Tidal Investments LLC lowered its position in Medtronic plc (NYSE:MDT - Free Report) by 17.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 86,851 shares of the medical technology company's stock after selling 18,155 shares during the period. Tidal Investments LLC's holdings in Medtronic were worth $7,819,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. Fiduciary Financial Group LLC purchased a new stake in shares of Medtronic during the second quarter valued at approximately $276,000. Assenagon Asset Management S.A. raised its stake in shares of Medtronic by 0.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 57,440 shares of the medical technology company's stock worth $4,521,000 after purchasing an additional 324 shares during the period. Blue Trust Inc. boosted its holdings in shares of Medtronic by 12.6% in the 2nd quarter. Blue Trust Inc. now owns 9,737 shares of the medical technology company's stock worth $849,000 after buying an additional 1,086 shares during the last quarter. Stanley Laman Group Ltd. boosted its holdings in shares of Medtronic by 5.0% in the 2nd quarter. Stanley Laman Group Ltd. now owns 2,728 shares of the medical technology company's stock worth $215,000 after buying an additional 131 shares during the last quarter. Finally, Rovin Capital UT ADV grew its position in Medtronic by 7.6% during the second quarter. Rovin Capital UT ADV now owns 8,846 shares of the medical technology company's stock valued at $696,000 after buying an additional 621 shares during the period. 82.06% of the stock is owned by institutional investors.

Medtronic Price Performance

Medtronic stock traded down $0.20 during midday trading on Friday, reaching $82.53. 3,041,883 shares of the stock were exchanged, compared to its average volume of 6,233,241. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $92.68. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The firm has a market cap of $105.83 billion, a PE ratio of 25.17, a PEG ratio of 2.35 and a beta of 0.82. The company's fifty day moving average is $87.77 and its 200-day moving average is $84.99.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm had revenue of $8.40 billion for the quarter, compared to analysts' expectations of $8.27 billion. During the same quarter in the prior year, the firm posted $1.25 earnings per share. The business's quarterly revenue was up 5.2% on a year-over-year basis. On average, sell-side analysts forecast that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date is Friday, December 27th. Medtronic's dividend payout ratio is currently 85.63%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MDT. Robert W. Baird dropped their target price on shares of Medtronic from $96.00 to $93.00 and set a "neutral" rating on the stock in a research note on Wednesday, November 20th. Evercore ISI lifted their price target on shares of Medtronic from $100.00 to $104.00 and gave the stock an "outperform" rating in a report on Tuesday, October 1st. Piper Sandler increased their price objective on Medtronic from $85.00 to $90.00 and gave the company a "neutral" rating in a report on Wednesday, August 21st. Wells Fargo & Company lowered their target price on Medtronic from $106.00 to $98.00 and set an "overweight" rating on the stock in a research note on Wednesday, November 20th. Finally, Citigroup increased their price target on Medtronic from $85.00 to $92.00 and gave the stock a "neutral" rating in a research note on Tuesday, October 1st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Medtronic has an average rating of "Hold" and a consensus price target of $95.27.

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.