Steward Partners Investment Advisory LLC raised its stake in shares of Medtronic PLC (NYSE:MDT) by 82.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 61,790 shares of the medical technology company’s stock after acquiring an additional 28,007 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in Medtronic were worth $6,017,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in MDT. Rockefeller Capital Management L.P. lifted its holdings in shares of Medtronic by 0.6% during the 1st quarter. Rockefeller Capital Management L.P. now owns 1,357,738 shares of the medical technology company’s stock valued at $123,663,000 after purchasing an additional 7,939 shares during the last quarter. Cim LLC raised its stake in Medtronic by 12.9% in the 2nd quarter. Cim LLC now owns 4,189 shares of the medical technology company’s stock worth $408,000 after acquiring an additional 480 shares during the last quarter. Belpointe Asset Management LLC raised its stake in Medtronic by 35.3% in the 1st quarter. Belpointe Asset Management LLC now owns 4,581 shares of the medical technology company’s stock worth $417,000 after acquiring an additional 1,196 shares during the last quarter. Marshall Wace LLP raised its stake in Medtronic by 204.3% in the 1st quarter. Marshall Wace LLP now owns 112,270 shares of the medical technology company’s stock worth $10,226,000 after acquiring an additional 75,372 shares during the last quarter. Finally, Lowe Brockenbrough & Co. Inc. raised its stake in Medtronic by 2.0% in the 1st quarter. Lowe Brockenbrough & Co. Inc. now owns 28,580 shares of the medical technology company’s stock worth $2,603,000 after acquiring an additional 567 shares during the last quarter. 80.08% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts recently issued reports on the company. Oppenheimer set a $110.00 target price on Medtronic and gave the stock a “buy” rating in a research note on Monday, July 15th. Needham & Company LLC restated a “buy” rating on shares of Medtronic in a research note on Tuesday, July 23rd. ValuEngine lowered Medtronic from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Northland Securities restated a “hold” rating and issued a $100.00 target price on shares of Medtronic in a research note on Thursday, June 20th. Finally, Wells Fargo & Co upgraded Medtronic from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $100.00 to $110.00 in a research note on Tuesday, June 4th. Seven analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $106.05.
Shares of NYSE MDT traded down $0.83 during trading on Wednesday, reaching $100.41. 105,522 shares of the company traded hands, compared to its average volume of 4,038,101. The company has a fifty day moving average price of $99.93. The firm has a market cap of $134.84 billion, a PE ratio of 19.28, a P/E/G ratio of 2.62 and a beta of 0.67. Medtronic PLC has a 12-month low of $81.66 and a 12-month high of $103.95. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.15 and a current ratio of 2.59.
Medtronic (NYSE:MDT) last released its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.54 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.47 by $0.07. The business had revenue of $8.15 billion during the quarter, compared to analyst estimates of $8.12 billion. Medtronic had a return on equity of 14.16% and a net margin of 15.15%. The company’s revenue was up .0% on a year-over-year basis. During the same quarter last year, the business posted $1.42 EPS. As a group, equities analysts expect that Medtronic PLC will post 5.47 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Monday, July 8th were paid a dividend of $0.54 per share. The ex-dividend date was Friday, July 5th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.15%. This is a positive change from Medtronic’s previous quarterly dividend of $0.50. Medtronic’s dividend payout ratio (DPR) is presently 41.38%.
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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