Gilman Hill Asset Management LLC Trims Stock Position in Medtronic plc (NYSE:MDT)

by · The Cerbat Gem

Gilman Hill Asset Management LLC lessened its stake in Medtronic plc (NYSE:MDT – Free Report) by 2.8% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 40,908 shares of the medical technology company’s stock after selling 1,159 shares during the period. Gilman Hill Asset Management LLC’s holdings in Medtronic were worth $3,683,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. M&G Plc acquired a new position in Medtronic in the first quarter valued at approximately $259,160,000. Capital Research Global Investors raised its position in shares of Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after acquiring an additional 2,044,109 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Medtronic by 1,195.9% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock valued at $144,637,000 after acquiring an additional 1,695,800 shares during the period. Troy Asset Management Ltd purchased a new position in Medtronic during the second quarter worth approximately $85,440,000. Finally, 1832 Asset Management L.P. increased its position in shares of Medtronic by 26.9% in the second quarter. 1832 Asset Management L.P. now owns 4,915,609 shares of the medical technology company’s stock valued at $386,908,000 after buying an additional 1,041,863 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Up 0.6 %

NYSE:MDT traded up $0.51 during midday trading on Friday, reaching $89.36. The company had a trading volume of 4,482,912 shares, compared to its average volume of 6,290,060. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $91.49. The firm has a market capitalization of $114.58 billion, a price-to-earnings ratio of 32.49, a PEG ratio of 2.53 and a beta of 0.84. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The stock’s fifty day simple moving average is $87.54 and its 200-day simple moving average is $83.46.

Medtronic (NYSE:MDT – Get Free Report) last announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same period in the previous year, the company posted $1.20 earnings per share. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, sell-side 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. Investors of record on Friday, September 27th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.13%. Medtronic’s dividend payout ratio is currently 101.82%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Wells Fargo & Company raised their target price on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Robert W. Baird boosted their price objective on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Oppenheimer raised their target price on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. Piper Sandler upped their price objective on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic has an average rating of “Hold” and a consensus price target of $95.14.

Get Our Latest Research Report on Medtronic

About Medtronic

(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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