Medtronic plc (NYSE:MDT) Shares Purchased by MQS Management LLC

MQS Management LLC lifted its holdings in Medtronic plc (NYSE:MDT) by 62.1% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,363 shares of the medical technology company’s stock after purchasing an additional 3,587 shares during the period. MQS Management LLC’s holdings in Medtronic were worth $737,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. XTX Topco Ltd acquired a new position in shares of Medtronic in the second quarter valued at approximately $2,741,000. WCG Wealth Advisors LLC increased its stake in shares of Medtronic by 13.1% during the second quarter. WCG Wealth Advisors LLC now owns 23,374 shares of the medical technology company’s stock worth $1,840,000 after buying an additional 2,706 shares during the period. Hsbc Holdings PLC raised its holdings in Medtronic by 30.3% in the second quarter. Hsbc Holdings PLC now owns 1,161,329 shares of the medical technology company’s stock valued at $91,809,000 after acquiring an additional 270,368 shares in the last quarter. First Washington CORP grew its holdings in Medtronic by 2.0% during the 2nd quarter. First Washington CORP now owns 44,253 shares of the medical technology company’s stock worth $3,483,000 after acquiring an additional 866 shares in the last quarter. Finally, CCLA Investment Management increased its position in shares of Medtronic by 2.1% in the 2nd quarter. CCLA Investment Management now owns 100,178 shares of the medical technology company’s stock valued at $7,885,000 after purchasing an additional 2,024 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on MDT shares. Piper Sandler increased their price objective on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Truist Financial increased their price objective on shares of Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research report on Friday, August 23rd. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research report on Wednesday, August 21st. Stifel Nicolaus increased their target price on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. One analyst has rated the stock with a sell rating, nine have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $92.92.

Medtronic Trading Down 0.6 %

Shares of Medtronic stock opened at $88.13 on Thursday. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.49. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The company has a market capitalization of $113.01 billion, a P/E ratio of 32.05, a PEG ratio of 2.57 and a beta of 0.84. The company’s fifty day moving average is $84.32 and its two-hundred day moving average is $82.91.

Medtronic (NYSE:MDT) last issued its quarterly earnings data 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. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same period last year, the firm posted $1.20 EPS. Medtronic’s revenue for the quarter was up 3.4% on a year-over-year basis. Analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.18%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Medtronic Profile

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.