Heritage Oak Wealth Advisors LLC Reduces Holdings in Medtronic plc (NYSE:MDT)

Heritage Oak Wealth Advisors LLC trimmed its stake in shares of Medtronic plc (NYSE:MDT) by 22.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,315 shares of the medical technology company’s stock after selling 1,247 shares during the quarter. Heritage Oak Wealth Advisors LLC’s holdings in Medtronic were worth $388,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of MDT. Element Wealth LLC bought a new position in Medtronic during the third quarter worth $257,000. Nicholson Wealth Management Group LLC acquired a new stake in shares of Medtronic during the third quarter worth $583,000. Legacy Capital Group California Inc. raised its holdings in shares of Medtronic by 4.6% during the third quarter. Legacy Capital Group California Inc. now owns 12,656 shares of the medical technology company’s stock worth $1,139,000 after purchasing an additional 557 shares during the period. Dakota Wealth Management lifted its position in shares of Medtronic by 15.3% in the 3rd quarter. Dakota Wealth Management now owns 52,342 shares of the medical technology company’s stock worth $4,713,000 after buying an additional 6,951 shares during the last quarter. Finally, DT Investment Partners LLC boosted its holdings in shares of Medtronic by 2.9% in the 3rd quarter. DT Investment Partners LLC now owns 13,127 shares of the medical technology company’s stock valued at $1,182,000 after buying an additional 371 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently issued reports on MDT shares. Evercore ISI boosted their target price on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Barclays boosted their price objective on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Citigroup raised their target price on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. Truist Financial boosted their price target on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research report on Monday, October 14th. Finally, UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and raised their price target for the company from $76.00 to $90.00 in a report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $95.36.

Medtronic Stock Performance

Medtronic stock opened at $90.99 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The company has a market cap of $116.67 billion, a P/E ratio of 33.09, a price-to-earnings-growth ratio of 2.53 and a beta of 0.84. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $92.68. The firm’s 50 day simple moving average is $89.04 and its 200-day simple moving average is $83.74.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same quarter in the prior year, the company earned $1.20 earnings per share. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. As a group, equities research analysts predict that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

About Medtronic

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.