Mercer Global Advisors Inc. ADV Acquires 561 Shares of Medtronic plc (NYSE:MDT)

Mercer Global Advisors Inc. ADV increased its stake in Medtronic plc (NYSE:MDT) by 0.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 129,556 shares of the medical technology company’s stock after purchasing an additional 561 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in Medtronic were worth $10,433,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. LifeSteps Financial Inc. bought a new stake in shares of Medtronic during the 1st quarter worth $27,000. Lynx Investment Advisory purchased a new position in shares of Medtronic in the 2nd quarter worth about $28,000. Tributary Capital Management LLC bought a new position in shares of Medtronic during the 1st quarter valued at about $33,000. Fortis Group Advisors LLC raised its holdings in shares of Medtronic by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after buying an additional 230 shares in the last quarter. Finally, Riverview Trust Co bought a new stake in Medtronic in the 1st quarter worth approximately $39,000. 82.06% of the stock is currently owned by institutional investors.

Medtronic Price Performance

Shares of MDT stock opened at $89.47 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.49. The firm has a market cap of $114.72 billion, a P/E ratio of 32.53, a P/E/G ratio of 2.57 and a beta of 0.84. The business’s 50 day moving average price is $84.55 and its 200-day moving average price is $82.96.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating 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 business had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter in the previous year, the business posted $1.20 earnings per share. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. On average, equities research analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.13%. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Citigroup reduced their price target 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. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. Wells Fargo & Company upped their price target on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a report on Wednesday, August 21st. Finally, Truist Financial increased their target price on Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a report on Friday, August 23rd. One analyst has rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $92.92.

Medtronic Company 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.