Wallace Advisory Group LLC Boosts Holdings in Medtronic plc (NYSE:MDT)

Wallace Advisory Group LLC raised its holdings in Medtronic plc (NYSE:MDT) by 102.4% during the 2nd quarter, Holdings Channel reports. The firm owned 7,369 shares of the medical technology company’s stock after purchasing an additional 3,729 shares during the quarter. Wallace Advisory Group LLC’s holdings in Medtronic were worth $580,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of MDT. M&G Plc purchased a new stake in Medtronic in the 1st quarter valued at approximately $259,160,000. Capital Research Global Investors increased its position in Medtronic by 7.1% during the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after buying an additional 2,044,109 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in shares of Medtronic by 145.4% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,372,641 shares of the medical technology company’s stock worth $195,431,000 after acquiring an additional 1,405,978 shares during the last quarter. Hotchkis & Wiley Capital Management LLC lifted its position in shares of Medtronic by 26.8% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 6,237,032 shares of the medical technology company’s stock valued at $513,807,000 after acquiring an additional 1,318,590 shares in the last quarter. Finally, Morningstar Investment Services LLC boosted its stake in shares of Medtronic by 207.7% during the fourth quarter. Morningstar Investment Services LLC now owns 1,551,322 shares of the medical technology company’s stock valued at $128,341,000 after acquiring an additional 1,047,210 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently weighed in on MDT. Wells Fargo & Company boosted their target price on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Robert W. Baird boosted their price objective on shares of Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Piper Sandler upped their price objective on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Oppenheimer lifted their target price on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. Finally, Barclays increased their price target on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. One analyst has rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $92.92.

Medtronic Trading Down 0.1 %

Shares of MDT opened at $89.32 on Monday. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.49. The firm has a market capitalization of $114.53 billion, a P/E ratio of 32.48, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The stock’s fifty day simple moving average is $85.79 and its 200 day simple moving average is $83.11.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. 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 business posted $1.20 EPS. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. On average, equities research analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders 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 dividend on an annualized basis and a yield of 3.13%. Medtronic’s dividend payout ratio (DPR) 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.