3,032 Shares in Medtronic plc (NYSE:MDT) Acquired by Edgestream Partners L.P.

Edgestream Partners L.P. purchased a new position in Medtronic plc (NYSE:MDT) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,032 shares of the medical technology company’s stock, valued at approximately $239,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in MDT. LifeSteps Financial Inc. purchased a new stake in shares of Medtronic in the 1st quarter worth approximately $27,000. Lynx Investment Advisory purchased a new stake in Medtronic during the 2nd quarter valued at $28,000. Tributary Capital Management LLC purchased a new stake in Medtronic during the 1st quarter valued at $33,000. Fortis Group Advisors LLC boosted its stake in 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 purchasing an additional 230 shares during the last quarter. Finally, Riverview Trust Co purchased a new stake in Medtronic during the 1st quarter valued at $39,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

MDT has been the topic of several recent analyst reports. Truist Financial increased their target price on Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research note on Friday, August 23rd. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. Citigroup cut their target price on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. The Goldman Sachs Group assumed coverage on Medtronic in a research note on Thursday, May 30th. They set a “sell” rating and a $83.00 target price on the stock. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and an average target price of $92.92.

Medtronic Price Performance

NYSE MDT opened at $89.86 on Tuesday. The company has a market capitalization of $115.22 billion, a PE ratio of 32.68, 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 quick ratio of 1.61 and a current ratio of 2.13. The business’s fifty day moving average is $85.03 and its 200 day moving average is $82.99. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.49.

Medtronic (NYSE:MDT) last released its 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. The company had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. Medtronic’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.20 earnings per share. Sell-side analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a dividend of $0.70 per share. The ex-dividend date is Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.12%. Medtronic’s dividend payout ratio (DPR) is presently 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.