Wealth Advisors of Tampa Bay LLC Buys 2,675 Shares of Medtronic plc (NYSE:MDT)

Wealth Advisors of Tampa Bay LLC grew its stake in Medtronic plc (NYSE:MDT) by 7.2% during the second quarter, Holdings Channel.com reports. The fund owned 40,019 shares of the medical technology company’s stock after purchasing an additional 2,675 shares during the quarter. Medtronic makes up 1.5% of Wealth Advisors of Tampa Bay LLC’s investment portfolio, making the stock its 27th biggest position. Wealth Advisors of Tampa Bay LLC’s holdings in Medtronic were worth $3,150,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Chemung Canal Trust Co. grew its stake in 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 in the last quarter. Manning & Napier Advisors LLC bought a new stake in Medtronic during the 2nd quarter valued at $25,643,000. TD Asset Management Inc lifted its holdings in shares of Medtronic by 4.3% in the 4th quarter. TD Asset Management Inc now owns 1,034,214 shares of the medical technology company’s stock worth $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% during the 1st quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock worth $1,467,000 after buying an additional 9,523 shares in the last quarter. Finally, Camden National Bank increased its stake in shares of Medtronic by 98.7% during the fourth quarter. Camden National Bank now owns 120,054 shares of the medical technology company’s stock valued at $9,890,000 after buying an additional 59,625 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Robert W. Baird upped their price objective on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Oppenheimer upped their price target on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. Barclays increased their price objective on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research note on Wednesday, August 21st. Finally, Wells Fargo & Company increased their target price on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus target price of $92.92.

Medtronic Stock Up 1.5 %

Shares of MDT stock opened at $89.47 on Friday. The stock’s fifty day moving average price is $84.55 and its 200 day moving average price is $82.96. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.49. The company has a market cap of $114.72 billion, a price-to-earnings ratio of 32.53, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter last year, the company earned $1.20 earnings per share. The company’s quarterly revenue was up 3.4% on a year-over-year basis. On average, research analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

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

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.