Dynamic Advisor Solutions LLC Has $1.38 Million Position in Medtronic plc (NYSE:MDT)

Posted by Defense World Staff on Mar 23rd, 2023

Dynamic Advisor Solutions LLC reduced its stake in Medtronic plc (NYSE:MDT – Get Rating) by 3.7% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 17,759 shares of the medical technology company’s stock after selling 685 shares during the quarter. Dynamic Advisor Solutions LLC’s holdings in Medtronic were worth $1,380,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MDT. BlackRock Inc. lifted its holdings in Medtronic by 5.1% in the 3rd quarter. BlackRock Inc. now owns 115,998,561 shares of the medical technology company’s stock worth $9,366,883,000 after purchasing an additional 5,620,477 shares during the last quarter. Bank of New York Mellon Corp increased its position in Medtronic by 33.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 19,374,686 shares of the medical technology company’s stock worth $1,564,508,000 after buying an additional 4,816,172 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in Medtronic by 322.3% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 3,554,073 shares of the medical technology company’s stock worth $286,991,000 after buying an additional 2,712,530 shares during the period. Great West Life Assurance Co. Can bought a new position in Medtronic in the 3rd quarter worth approximately $198,877,000. Finally, Renaissance Technologies LLC bought a new position in Medtronic in the 2nd quarter worth approximately $212,918,000. 80.37% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of NYSE:MDT opened at $79.94 on Thursday. The business’s fifty day moving average price is $82.14 and its two-hundred day moving average price is $82.06. Medtronic plc has a fifty-two week low of $75.76 and a fifty-two week high of $114.31. The stock has a market capitalization of $106.35 billion, a price-to-earnings ratio of 26.30, a price-to-earnings-growth ratio of 2.41 and a beta of 0.71. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.76 and a quick ratio of 1.39.

Medtronic (NYSE:MDT – Get Rating) last posted its quarterly earnings data on Tuesday, February 21st. The medical technology company reported $1.30 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.03. The company had revenue of $7.70 billion for the quarter, compared to analyst estimates of $7.53 billion. Medtronic had a return on equity of 13.37% and a net margin of 13.20%. The business’s revenue was down .8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.37 earnings per share. As a group, analysts predict that Medtronic plc will post 5.28 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 14th. Shareholders of record on Friday, March 24th will be paid a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date is Thursday, March 23rd. Medtronic’s dividend payout ratio is currently 89.47%.

Insiders Place Their Bets

In other Medtronic news, major shareholder Plc Medtronic acquired 6,835 shares of Medtronic stock in a transaction on Monday, January 30th. The shares were bought at an average price of $9.28 per share, with a total value of $63,428.80. Following the completion of the purchase, the insider now owns 4,999,423 shares in the company, valued at $46,394,645.44. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on MDT shares. Oppenheimer downgraded Medtronic from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $106.00 to $85.00 in a research report on Wednesday, November 23rd. Morgan Stanley dropped their price target on Medtronic from $97.00 to $88.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 23rd. Mizuho dropped their price target on Medtronic from $100.00 to $95.00 and set a “buy” rating on the stock in a research report on Tuesday, January 24th. Cowen dropped their price target on Medtronic from $117.00 to $90.00 in a research report on Wednesday, November 23rd. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Medtronic from $80.00 to $87.00 in a research report on Wednesday, February 22nd. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $90.72.

Medtronic Company Profile

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Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiovascular Porrtfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit.