Forum Financial Management LP Lowers Position in Medtronic plc (NYSE:MDT)

Forum Financial Management LP cut its stake in Medtronic plc (NYSE:MDTGet Rating) by 9.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,674 shares of the medical technology company’s stock after selling 909 shares during the period. Forum Financial Management LP’s holdings in Medtronic were worth $962,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Norges Bank purchased a new position in shares of Medtronic during the fourth quarter valued at approximately $1,349,223,000. Vanguard Group Inc. lifted its holdings in shares of Medtronic by 6.5% during the first quarter. Vanguard Group Inc. now owns 120,557,488 shares of the medical technology company’s stock valued at $13,375,853,000 after purchasing an additional 7,403,778 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Medtronic by 4.7% during the fourth quarter. BlackRock Inc. now owns 107,903,362 shares of the medical technology company’s stock valued at $11,162,603,000 after purchasing an additional 4,883,180 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in shares of Medtronic during the first quarter valued at approximately $481,525,000. Finally, Renaissance Technologies LLC lifted its holdings in shares of Medtronic by 680.7% during the fourth quarter. Renaissance Technologies LLC now owns 3,574,541 shares of the medical technology company’s stock valued at $369,786,000 after purchasing an additional 3,116,700 shares during the last quarter. 79.81% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Up 2.6 %

NYSE MDT opened at $92.06 on Tuesday. The stock’s 50-day moving average price is $90.94 and its 200-day moving average price is $98.63. The company has a quick ratio of 1.23, a current ratio of 1.58 and a debt-to-equity ratio of 0.33. Medtronic plc has a 52 week low of $85.66 and a 52 week high of $132.58. The company has a market capitalization of $122.36 billion, a P/E ratio of 23.79, a price-to-earnings-growth ratio of 2.37 and a beta of 0.75.

Medtronic (NYSE:MDTGet Rating) last posted its quarterly earnings data on Tuesday, August 23rd. The medical technology company reported $1.13 EPS for the quarter, topping the consensus estimate of $1.12 by $0.01. Medtronic had a return on equity of 13.64% and a net margin of 16.75%. During the same period in the prior year, the company earned $1.41 EPS. On average, equities research analysts predict that Medtronic plc will post 5.53 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 23rd will be given a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a dividend yield of 2.95%. The ex-dividend date is Thursday, September 22nd. Medtronic’s dividend payout ratio is currently 70.28%.

Analyst Upgrades and Downgrades

MDT has been the subject of several recent research reports. Cowen set a $125.00 target price on shares of Medtronic and gave the company an “outperform” rating in a report on Monday, May 23rd. Piper Sandler lowered their target price on shares of Medtronic from $100.00 to $90.00 in a report on Tuesday, August 23rd. TheStreet downgraded shares of Medtronic from a “b-” rating to a “c+” rating in a research report on Monday, August 1st. Needham & Company LLC downgraded shares of Medtronic from a “buy” rating to a “hold” rating in a research report on Friday, May 27th. Finally, Raymond James downgraded shares of Medtronic from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 24th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, Medtronic presently has an average rating of “Hold” and an average price target of $111.52.

Medtronic Company Profile

(Get Rating)

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.

Featured Articles

Want to see what other hedge funds are holding MDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Medtronic plc (NYSE:MDTGet Rating).

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

Receive News & Ratings for Medtronic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Medtronic and related companies with MarketBeat.com's FREE daily email newsletter.