HTLF Bank Cuts Holdings in Medtronic plc (NYSE:MDT)

by · The Cerbat Gem

HTLF Bank decreased its position in Medtronic plc (NYSE:MDT – Free Report) by 3.1% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 58,836 shares of the medical technology company’s stock after selling 1,880 shares during the period. HTLF Bank’s holdings in Medtronic were worth $5,297,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the company. Lynx Investment Advisory purchased a new stake in shares of Medtronic during the second quarter valued at approximately $28,000. Tributary Capital Management LLC bought a new stake in shares of Medtronic during the 1st quarter worth $33,000. Riverview Trust Co purchased a new position in shares of Medtronic in the 1st quarter worth about $39,000. Gleason Group Inc. bought a new position in Medtronic during the second quarter valued at about $42,000. Finally, Opal Wealth Advisors LLC purchased a new stake in Medtronic during the second quarter worth about $43,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

NYSE:MDT traded down $0.17 during trading hours on Tuesday, hitting $89.84. 4,173,723 shares of the company’s stock traded hands, compared to its average volume of 6,267,160. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.49. The business’s fifty day simple moving average is $87.74 and its two-hundred day simple moving average is $83.46. 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 firm has a market cap of $115.20 billion, a P/E ratio of 32.73, a P/E/G ratio of 2.53 and a beta of 0.84.

Medtronic (NYSE:MDT – Get Free Report) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter last year, the firm posted $1.20 EPS. The company’s revenue was up 3.4% compared to the same quarter last year. On average, research analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders 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 dividend on an annualized basis and a yield of 3.12%. Medtronic’s dividend payout ratio is presently 101.82%.

Analysts Set New Price Targets

A number of research analysts have weighed in on MDT shares. Oppenheimer boosted their target price on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. Wells Fargo & Company increased their price objective on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Piper Sandler raised their target price on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Truist Financial lifted their price objective on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a report on Monday. Finally, Barclays upped their price objective on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Medtronic presently has an average rating of “Hold” and a consensus price target of $95.36.

View Our Latest Analysis on Medtronic

Medtronic Company Profile

(Free Report)

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.

See Also

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