Thrivent Financial for Lutherans Sells 68,159 Medtronic plc (NYSE:MDT) Shares

Thrivent Financial for Lutherans cut its position in Medtronic plc (NYSE:MDT – Free Report) by 4.5% in the second quarter, HoldingsChannel.com reports. The firm owned 1,450,682 shares of the medical technology company’s stock after selling 68,159 shares during the period. Thrivent Financial for Lutherans’ holdings in Medtronic were worth $114,183,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Chemung Canal Trust Co. lifted its position in shares of Medtronic by 1,467.5% in the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock worth $4,175,000 after purchasing an additional 44,846 shares during the last quarter. Manning & Napier Advisors LLC acquired a new position in Medtronic in the second quarter valued at $25,643,000. TD Asset Management Inc raised its stake in Medtronic by 4.3% in the fourth quarter. TD Asset Management Inc now owns 1,034,214 shares of the medical technology company’s stock valued at $85,199,000 after buying an additional 42,988 shares during the period. SageView Advisory Group LLC grew its position in shares of Medtronic by 130.3% in the first quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock valued at $1,467,000 after buying an additional 9,523 shares in the last quarter. Finally, Camden National Bank boosted its stake in Medtronic by 98.7% during the 4th quarter. Camden National Bank now owns 120,054 shares of the medical technology company’s stock worth $9,890,000 after which bought an additional 59,625 shares during the period. 82.06% of shares are owned by institutional investors.

Medtronic stock performance

Shares of Medtronic stock opened at $89.35 on Friday. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.49. The firm has a market cap of $114.57 billion, a P/E ratio of 32.49, a P/E/G ratio of 2.57 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 firm has a 50-day moving average of $84.77 and a 200-day moving average of $82.99.

Medtronic (NYSE:MDT – Get Your Free Report ) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company’s revenue was up 3.4% compared to the same quarter last year. In the same period last year, the company earned $1.20 per share. sell-side analysts expect that Medtronic plc will post 5.46 EPS for the current year.

Medtronic announces dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be paid a dividend of $0.70 per share. This represents an annualized dividend of $2.80 and a dividend yield of 3.13%. The ex-dividend date of this dividend is Friday, September 27. Medtronic’s dividend payout ratio is currently 101.82%.

Analysts set new price targets

Several brokerages have commented on MDT. Citigroup reduced their price objective on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Robert W. Baird raised their price objective on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Oppenheimer upped their price objective on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. Finally, Piper Sandler upped their target price on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $92.92, according to MarketBeat.com.

Read the latest stock report on MDT

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 pacemakers, cardioverter defibrillators and cardiac resynchronization therapy devices; cardiac ablation products; implantable cardiac monitoring systems; TYRX products; and remote monitoring and patient-centric software.

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