Sequoia Financial Advisors LLC trimmed its stake in shares of Medtronic PLC (NYSE:MDT – Free Report) by 11.4% in the 2nd quarter, HoldingsChannel reports. The firm owned 43,829 shares of the medical technology company’s stock after selling 5,656 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Medtronic were worth $3,429,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Ipsen Advisor Group LLC raised its holdings in Medtronic by 1.7% during the 4th quarter. Ipsen Advisor Group LLC now owns 5,952 shares of the medical technology company’s stock worth $572,000 after buying an additional 101 shares during the period. Quadrant Capital Group LLC lifted its stake in Medtronic by 0.3% during the fourth quarter. Quadrant Capital Group LLC now owns 32,477 shares of the medical technology company’s stock valued at $3,120,000 after buying an additional 101 shares in the last quarter. Rossby Financial LCC boosted its holdings in shares of Medtronic by 5.1% in the fourth quarter. Rossby Financial LCC now owns 2,193 shares of the medical technology company’s stock worth $211,000 after buying an additional 107 shares during the period. Wealthspire Retirement LLC boosted its holdings in shares of Medtronic by 5.0% in the fourth quarter. Wealthspire Retirement LLC now owns 2,410 shares of the medical technology company’s stock worth $232,000 after buying an additional 114 shares during the period. Finally, Mitchell Mcleod Pugh & Williams Inc. increased its position in shares of Medtronic by 2.0% in the fourth quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 6,043 shares of the medical technology company’s stock worth $622,000 after acquiring an additional 117 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.
Medtronic Price Performance
Shares of MDT opened at $90.97 on Friday. The business’s 50-day moving average is $87.91 and its 200-day moving average is $85.18. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.07 and a quick ratio of 1.54. The company has a market capitalization of $116.36 billion, a price-to-earnings ratio of 22.41, a P/E/G ratio of 2.13 and a beta of 0.56. Medtronic PLC has a fifty-two week low of $73.31 and a fifty-two week high of $106.33.
Medtronic Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 16th. Stockholders of record on Friday, September 25th will be paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Friday, September 25th. Medtronic’s payout ratio is presently 70.94%.
Wall Street Analyst Weigh In
A number of equities research analysts have recently issued reports on the stock. Piper Sandler restated a “neutral” rating on shares of Medtronic in a report on Monday, August 10th. Weiss Ratings raised shares of Medtronic from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, September 4th. Bank of America lifted their price objective on shares of Medtronic from $95.00 to $110.00 and gave the stock a “buy” rating in a research report on Wednesday, September 2nd. Rothschild & Co Redburn cut their target price on shares of Medtronic from $111.00 to $106.00 and set a “buy” rating on the stock in a research note on Friday, June 5th. Finally, The Goldman Sachs Group reduced their target price on Medtronic from $84.00 to $83.00 and set a “neutral” rating for the company in a report on Thursday, June 4th. Nineteen analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $103.92.
Check Out Our Latest Analysis on MDT
Medtronic Profile
Medtronic plc is a global medical technology company that develops, manufactures and sells devices and therapies used to diagnose and treat a broad range of medical conditions. Its products are designed for hospitals, physicians and patients across areas including cardiac care, diabetes, neurological disorders, spinal conditions and surgical procedures.
The company’s portfolio includes pacemakers, implantable cardioverter-defibrillators, cardiac ablation systems, heart valves, neurostimulation systems, implantable pumps, spinal implants and surgical technologies.
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