Medtronic plc (NYSE:MDT) Shares Sold by Highland Capital Management LLC

Highland Capital Management LLC reduced its stake in shares of Medtronic plc (NYSE:MDT) by 4.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 51,680 shares of the medical technology company’s stock after selling 2,510 shares during the quarter. Highland Capital Management LLC’s holdings in Medtronic were worth $4,653,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Lynx Investment Advisory purchased a new position in shares of Medtronic during the 2nd quarter valued at approximately $28,000. Tributary Capital Management LLC acquired a new stake in shares of Medtronic in the first quarter valued at about $33,000. Gleason Group Inc. purchased a new stake in Medtronic during the 2nd quarter worth approximately $42,000. Opal Wealth Advisors LLC acquired a new position in Medtronic in the 2nd quarter valued at $43,000. Finally, Olistico Wealth LLC purchased a new position in shares of Medtronic in the second quarter worth about $45,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MDT. Stifel Nicolaus lifted their target price on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Oppenheimer upped their price objective on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Friday. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Finally, Citigroup raised their price objective on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus price target of $95.36.

Medtronic Price Performance

Shares of NYSE:MDT opened at $90.59 on Friday. The business has a fifty day simple moving average of $89.30 and a 200 day simple moving average of $83.84. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $92.68. The firm has a market cap of $116.18 billion, a price-to-earnings ratio of 30.60, a P/E/G ratio of 2.60 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) 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 analyst estimates of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm’s revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.20 EPS. As a group, sell-side analysts predict that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.09%. Medtronic’s dividend payout ratio (DPR) is 94.59%.

Medtronic Company 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.