Confluence Investment Management LLC Lowers Stock Holdings in Medtronic plc (NYSE:MDT)

Confluence Investment Management LLC cut its holdings in shares of Medtronic plc (NYSE:MDT) by 0.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 215,420 shares of the medical technology company’s stock after selling 1,079 shares during the period. Confluence Investment Management LLC’s holdings in Medtronic were worth $17,208,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Fortitude Family Office LLC purchased a new stake in Medtronic during the 3rd quarter worth approximately $27,000. Darwin Wealth Management LLC purchased a new stake in shares of Medtronic during the third quarter worth $27,000. Highline Wealth Partners LLC purchased a new stake in shares of Medtronic during the third quarter worth $27,000. J. Stern & Co. LLP acquired a new stake in shares of Medtronic in the third quarter valued at $30,000. Finally, Chelsea Counsel Co. acquired a new position in Medtronic during the 3rd quarter worth $45,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Performance

NYSE:MDT traded up $0.15 during mid-day trading on Thursday, reaching $80.03. 750,798 shares of the stock were exchanged, compared to its average volume of 6,230,272. The stock has a market capitalization of $102.62 billion, a P/E ratio of 24.47, a P/E/G ratio of 2.33 and a beta of 0.82. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $92.68. The company has a 50 day simple moving average of $85.30 and a 200-day simple moving average of $84.88. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. During the same period last year, the firm posted $1.25 earnings per share. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. Analysts anticipate that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be issued a $0.70 dividend. The ex-dividend date is Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.50%. Medtronic’s payout ratio is 85.63%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. JPMorgan Chase & Co. reduced their price target on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. Truist Financial decreased their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research note on Wednesday, December 18th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. Robert W. Baird reduced their price objective on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday, November 20th. Finally, Sanford C. Bernstein boosted their target price on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $95.00.

Medtronic Company Profile

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.