Morningstar Investment Services LLC bought a new position in shares of Medtronic PLC (NYSE:MDT) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 91,092 shares of the medical technology company’s stock, valued at approximately $8,222,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Evolution Wealth Advisors LLC increased its stake in Medtronic by 403.7% during the second quarter. Evolution Wealth Advisors LLC now owns 272 shares of the medical technology company’s stock worth $25,000 after acquiring an additional 218 shares during the last quarter. Price Wealth LLC increased its stake in Medtronic by 73.2% during the second quarter. Price Wealth LLC now owns 291 shares of the medical technology company’s stock worth $27,000 after acquiring an additional 123 shares during the last quarter. Balentine LLC acquired a new stake in Medtronic during the first quarter worth about $33,000. Reilly Financial Advisors LLC increased its stake in Medtronic by 79.4% during the first quarter. Reilly Financial Advisors LLC now owns 375 shares of the medical technology company’s stock worth $34,000 after acquiring an additional 166 shares during the last quarter. Finally, Lion Street Advisors LLC acquired a new stake in Medtronic during the first quarter worth about $36,000. Hedge funds and other institutional investors own 81.01% of the company’s stock.
Several equities research analysts have commented on the company. Morgan Stanley dropped their price target on Medtronic from $112.00 to $106.00 and set an “equal weight” rating for the company in a research note on Friday, May 22nd. CSFB reiterated a “buy” rating and issued a $117.00 target price on shares of Medtronic in a research note on Saturday, May 23rd. Cfra upgraded Medtronic from a “buy” rating to a “strong-buy” rating and lowered their target price for the company from $127.00 to $121.00 in a research note on Thursday, May 21st. Piper Sandler lowered their target price on Medtronic from $135.00 to $120.00 and set an “overweight” rating for the company in a research note on Thursday, May 21st. Finally, SVB Leerink increased their target price on Medtronic from $100.00 to $105.00 and gave the company a “market perform” rating in a research note on Tuesday, April 28th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $113.55.
NYSE:MDT traded up $0.01 during trading hours on Friday, reaching $96.48. 5,154,028 shares of the stock were exchanged, compared to its average volume of 4,376,060. The company has a quick ratio of 1.72, a current ratio of 2.13 and a debt-to-equity ratio of 0.43. The firm has a 50 day simple moving average of $93.73 and a 200-day simple moving average of $99.84. Medtronic PLC has a 52 week low of $72.13 and a 52 week high of $122.15. The stock has a market capitalization of $129.41 billion, a P/E ratio of 27.18, a P/E/G ratio of 3.65 and a beta of 0.67.
Medtronic (NYSE:MDT) last announced its quarterly earnings results on Thursday, May 21st. The medical technology company reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.28 by ($0.70). The company had revenue of $6 billion during the quarter, compared to the consensus estimate of $6.10 billion. Medtronic had a return on equity of 12.17% and a net margin of 16.56%. The company’s revenue for the quarter was down 26.4% on a year-over-year basis. During the same period last year, the business posted $1.54 EPS. As a group, analysts expect that Medtronic PLC will post 3.41 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, June 26th were issued a $0.58 dividend. This is an increase from Medtronic’s previous quarterly dividend of $0.54. The ex-dividend date of this dividend was Thursday, June 25th. This represents a $2.32 annualized dividend and a dividend yield of 2.40%. Medtronic’s dividend payout ratio (DPR) is 50.54%.
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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