Hemenway Trust Co LLC Trims Stake in Medtronic plc (NYSE:MDT)

Hemenway Trust Co LLC lessened its holdings in Medtronic plc (NYSE:MDT) by 22.7% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 142,099 shares of the medical technology company’s stock after selling 41,771 shares during the period. Hemenway Trust Co LLC’s holdings in Medtronic were worth $12,793,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in MDT. Savvy Advisors Inc. bought a new stake in shares of Medtronic during the 3rd quarter valued at about $404,000. Proactive Wealth Strategies LLC purchased a new stake in Medtronic in the third quarter valued at approximately $2,644,000. Baillie Gifford & Co. lifted its position in Medtronic by 23.1% during the third quarter. Baillie Gifford & Co. now owns 532,302 shares of the medical technology company’s stock valued at $47,923,000 after purchasing an additional 99,747 shares during the last quarter. WealthPlan Investment Management LLC grew its stake in Medtronic by 25.2% in the 3rd quarter. WealthPlan Investment Management LLC now owns 3,460 shares of the medical technology company’s stock worth $312,000 after buying an additional 697 shares in the last quarter. Finally, Keystone Financial Services increased its holdings in shares of Medtronic by 8.7% in the 3rd quarter. Keystone Financial Services now owns 6,136 shares of the medical technology company’s stock worth $552,000 after buying an additional 492 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Trading Down 0.1 %

NYSE:MDT traded down $0.06 during trading hours on Tuesday, hitting $88.21. The company had a trading volume of 256,835 shares, compared to its average volume of 6,168,251. The stock has a 50-day moving average price of $89.67 and a 200 day moving average price of $84.57. Medtronic plc has a 52 week low of $71.64 and a 52 week high of $92.68. 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 capitalization of $113.13 billion, a PE ratio of 29.82, a price-to-earnings-growth ratio of 2.51 and a beta of 0.84.

Medtronic (NYSE:MDT) last issued its quarterly earnings data 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 business had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same period last year, the business posted $1.20 earnings per share. Medtronic’s quarterly revenue was up 3.4% compared to the same quarter last year. On average, equities research analysts predict that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.17%. Medtronic’s payout ratio is 94.59%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on MDT shares. Wells Fargo & Company upped their target price on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Daiwa America raised Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Friday, October 25th. Finally, Oppenheimer boosted their price objective on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. 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 issued a strong buy rating to the stock. According to MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus target price of $95.36.

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.