Braun Bostich & Associates Inc. Trims Stake in Medtronic PLC (NYSE:MDT)

Braun Bostich & Associates Inc. decreased its stake in shares of Medtronic PLC (NYSE:MDT) by 6.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,203 shares of the medical technology company’s stock after selling 375 shares during the period. Braun Bostich & Associates Inc.’s holdings in Medtronic were worth $438,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Barnett & Company Inc. acquired a new stake in shares of Medtronic during the fourth quarter valued at $34,000. Stonebridge Financial Planning Group LLC acquired a new position in Medtronic in the 4th quarter valued at about $34,000. CLS Investments LLC lifted its holdings in Medtronic by 44.2% in the 4th quarter. CLS Investments LLC now owns 346 shares of the medical technology company’s stock valued at $39,000 after purchasing an additional 106 shares in the last quarter. Altshuler Shaham Ltd boosted its stake in shares of Medtronic by 303.4% during the 4th quarter. Altshuler Shaham Ltd now owns 351 shares of the medical technology company’s stock worth $40,000 after purchasing an additional 264 shares during the last quarter. Finally, Versant Capital Management Inc grew its holdings in shares of Medtronic by 71.8% during the fourth quarter. Versant Capital Management Inc now owns 354 shares of the medical technology company’s stock worth $40,000 after buying an additional 148 shares in the last quarter. 81.74% of the stock is owned by institutional investors.

Shares of MDT stock traded down $1.58 during trading hours on Friday, reaching $93.83. The company had a trading volume of 4,030,282 shares, compared to its average volume of 5,117,837. The stock’s fifty day simple moving average is $96.59 and its 200 day simple moving average is $105.87. The company has a market capitalization of $124.93 billion, a P/E ratio of 23.74, a price-to-earnings-growth ratio of 2.64 and a beta of 0.69. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.28 and a current ratio of 2.75. Medtronic PLC has a twelve month low of $72.13 and a twelve month high of $122.15.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Thursday, May 21st. The medical technology company reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.70). The firm had revenue of $6 billion for the quarter, compared to analysts’ expectations of $6.10 billion. Medtronic had a net margin of 17.11% and a return on equity of 14.76%. The company’s revenue for the quarter was down 26.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.54 EPS. As a group, equities analysts expect that Medtronic PLC will post 4.68 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, June 26th will be issued a $0.58 dividend. The ex-dividend date is Thursday, June 25th. This represents a $2.32 dividend on an annualized basis and a yield of 2.47%. This is a positive change from Medtronic’s previous quarterly dividend of $0.54. Medtronic’s payout ratio is currently 41.38%.

MDT has been the topic of several recent analyst reports. Goldman Sachs Group began coverage on shares of Medtronic in a research note on Wednesday, February 12th. They set a “sell” rating and a $118.00 price objective on the stock. ValuEngine lowered Medtronic from a “hold” rating to a “sell” rating in a research note on Friday, February 28th. Piper Sandler lowered their price objective on Medtronic from $135.00 to $120.00 and set an “overweight” rating for the company in a research report on Thursday. DZ Bank downgraded Medtronic from a “buy” rating to a “hold” rating and set a $92.00 target price on the stock. in a research report on Thursday, May 14th. Finally, UBS Group dropped their price objective on shares of Medtronic from $130.00 to $118.00 and set a “buy” rating for the company in a research note on Friday. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $115.03.

Medtronic Profile

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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