Bristlecone Advisors LLC Sells 928 Shares of Medtronic plc (NYSE:MDT)

Bristlecone Advisors LLC lowered its holdings in shares of Medtronic plc (NYSE:MDTGet Rating) by 3.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 22,863 shares of the medical technology company’s stock after selling 928 shares during the period. Bristlecone Advisors LLC’s holdings in Medtronic were worth $2,537,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Dixon Hughes Goodman Wealth Advisors LLC bought a new position in shares of Medtronic during the 4th quarter valued at $25,000. PYA Waltman Capital LLC bought a new stake in Medtronic in the 4th quarter worth $25,000. Horan Securities Inc. bought a new stake in Medtronic in the 4th quarter worth $25,000. Curi Wealth Management LLC bought a new stake in Medtronic in the 4th quarter worth $27,000. Finally, Syverson Strege & Co bought a new stake in Medtronic in the 1st quarter worth $29,000. 80.23% of the stock is currently owned by institutional investors.

Medtronic stock traded up $1.63 during trading hours on Monday, hitting $91.38. The stock had a trading volume of 306,056 shares, compared to its average volume of 6,362,094. The company has a quick ratio of 1.49, a current ratio of 1.86 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $122.59 billion, a P/E ratio of 24.50, a price-to-earnings-growth ratio of 2.34 and a beta of 0.77. Medtronic plc has a 12-month low of $86.95 and a 12-month high of $135.89. The stock’s 50-day moving average price is $97.93 and its 200-day moving average price is $103.30.

Medtronic (NYSE:MDTGet Rating) last issued its earnings results on Thursday, May 26th. The medical technology company reported $1.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.56 by ($0.04). The firm had revenue of $8.09 billion during the quarter, compared to analysts’ expectations of $8.43 billion. Medtronic had a return on equity of 14.50% and a net margin of 15.90%. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period last year, the firm posted $1.50 earnings per share. On average, research analysts expect that Medtronic plc will post 5.56 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Friday, June 24th will be issued a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a dividend yield of 2.98%. This is a boost from Medtronic’s previous quarterly dividend of $0.63. The ex-dividend date of this dividend is Thursday, June 23rd. Medtronic’s payout ratio is presently 72.92%.

A number of equities research analysts have issued reports on the stock. Cowen set a $125.00 price target on shares of Medtronic and gave the stock an “outperform” rating in a report on Monday, May 23rd. SVB Leerink reissued a “market perform” rating on shares of Medtronic in a report on Wednesday, April 13th. Needham & Company LLC lowered shares of Medtronic from a “buy” rating to a “hold” rating in a report on Friday, May 27th. Piper Sandler cut their price target on shares of Medtronic from $105.00 to $100.00 and set a “neutral” rating on the stock in a report on Thursday, May 26th. Finally, Citigroup cut their target price on shares of Medtronic from $120.00 to $117.00 and set a “buy” rating on the stock in a research note on Friday, May 27th. Ten equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $121.55.

About Medtronic (Get Rating)

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiovascular Portfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit. The Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; AF ablation products; insertable cardiac monitor systems; mechanical circulatory support; TYRX products; and remote monitoring and patient-centered software.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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