United Services Automobile Association Cuts Stock Holdings in Medtronic plc (NYSE:MDT)

United Services Automobile Association reduced its stake in Medtronic plc (NYSE:MDT - Free Report) by 20.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 29,425 shares of the medical technology company's stock after selling 7,773 shares during the period. United Services Automobile Association's holdings in Medtronic were worth $2,649,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MDT. Kovitz Investment Group Partners LLC boosted its stake in shares of Medtronic by 27.0% during the third quarter. Kovitz Investment Group Partners LLC now owns 106,289 shares of the medical technology company's stock valued at $8,750,000 after purchasing an additional 22,621 shares in the last quarter. Voya Financial Advisors Inc. boosted its position in Medtronic by 0.7% during the 3rd quarter. Voya Financial Advisors Inc. now owns 25,719 shares of the medical technology company's stock worth $2,297,000 after buying an additional 169 shares during the period. Worldquant Millennium Advisors LLC grew its holdings in Medtronic by 5,124.5% during the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,035,708 shares of the medical technology company's stock worth $93,245,000 after acquiring an additional 1,015,884 shares during the last quarter. Wahed Invest LLC increased its position in Medtronic by 5.5% in the 3rd quarter. Wahed Invest LLC now owns 31,182 shares of the medical technology company's stock valued at $2,807,000 after acquiring an additional 1,624 shares during the period. Finally, Weiss Asset Management LP bought a new position in shares of Medtronic during the third quarter valued at $18,806,000. Institutional investors own 82.06% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Barclays increased their price objective on Medtronic from $105.00 to $109.00 and gave the company an "overweight" rating in a report on Tuesday, November 26th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research report on Monday, November 18th. Oppenheimer upped their target price on Medtronic from $92.00 to $94.00 and gave the company a "market perform" rating in a report on Wednesday, August 21st. Piper Sandler increased their target price on shares of Medtronic from $85.00 to $90.00 and gave the company a "neutral" rating in a research report on Wednesday, August 21st. Finally, Stifel Nicolaus boosted their price target on shares of Medtronic from $85.00 to $87.00 and gave the stock a "hold" rating in a research report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Medtronic currently has an average rating of "Hold" and an average price target of $95.27.

Medtronic Stock Down 0.2 %

MDT stock traded down $0.13 during trading on Friday, reaching $84.01. 4,310,061 shares of the stock were exchanged, compared to its average volume of 6,777,642. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $92.68. The firm's 50 day moving average is $88.25 and its 200 day moving average is $84.99. The firm has a market cap of $107.73 billion, a P/E ratio of 25.69, a price-to-earnings-growth ratio of 2.42 and a beta of 0.82.

Medtronic (NYSE:MDT - Get Free Report) last issued its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.25 by $0.01. The company had revenue of $8.40 billion for the quarter, compared to analysts' expectations of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. Medtronic's quarterly revenue was up 5.2% compared to the same quarter last year. During the same period last year, the business earned $1.25 EPS. As a group, research analysts forecast that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

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

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.