Eads & Heald Wealth Management Sells 640 Shares of Medtronic plc (NYSE:MDT)

Eads & Heald Wealth Management cut its stake in Medtronic plc (NYSE:MDT) by 16.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,306 shares of the medical technology company’s stock after selling 640 shares during the period. Eads & Heald Wealth Management’s holdings in Medtronic were worth $298,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of MDT. Fortitude Family Office LLC acquired a new stake in Medtronic during the third quarter worth about $27,000. Highline Wealth Partners LLC acquired a new stake in shares of Medtronic during the 3rd quarter worth approximately $27,000. Lynx Investment Advisory bought a new stake in shares of Medtronic during the second quarter valued at approximately $28,000. Gleason Group Inc. acquired a new position in shares of Medtronic in the second quarter valued at $42,000. Finally, Opal Wealth Advisors LLC bought a new position in Medtronic in the second quarter worth $43,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Evercore ISI increased their price objective 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. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday, October 25th. Oppenheimer upped their price objective on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. Robert W. Baird raised their target price on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Finally, Citigroup upped their price target on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $95.36.

Medtronic Price Performance

Medtronic stock opened at $90.07 on Friday. The business’s 50-day simple moving average is $89.64 and its 200 day simple moving average is $84.13. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The stock has a market cap of $115.51 billion, a price-to-earnings ratio of 30.43, a P/E/G ratio of 2.59 and a beta of 0.84. Medtronic plc has a 12-month low of $69.32 and a 12-month high of $92.68.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter in the previous year, the company earned $1.20 EPS. Medtronic’s revenue was up 3.4% on a year-over-year basis. As a group, research analysts anticipate that Medtronic plc will post 5.44 earnings per share 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 3.11%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is currently 94.59%.

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.