Creative Planning Has $19.45 Million Position in Medtronic plc (NYSE:MDT)

Creative Planning increased its holdings in shares of Medtronic plc (NYSE:MDT) by 6.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 247,061 shares of the medical technology company’s stock after acquiring an additional 15,305 shares during the quarter. Creative Planning’s holdings in Medtronic were worth $19,446,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. LifeSteps Financial Inc. acquired a new position in shares of Medtronic during the 1st quarter worth approximately $27,000. Lynx Investment Advisory acquired a new position in Medtronic in the 2nd quarter valued at $28,000. Tributary Capital Management LLC acquired a new position in Medtronic in the 1st quarter valued at $33,000. Fortis Group Advisors LLC grew its holdings in Medtronic by 100.0% in 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 acquired a new position in Medtronic in the 1st quarter valued at $39,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Price Performance

Medtronic stock opened at $90.03 on Tuesday. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.49. The business has a 50-day simple moving average of $86.00 and a 200 day simple moving average of $83.15. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The stock has a market cap of $115.44 billion, a price-to-earnings ratio of 32.74, a PEG ratio of 2.56 and a beta of 0.84.

Medtronic (NYSE:MDT) last issued its quarterly earnings results 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 return on equity of 13.68% and a net margin of 12.06%. The firm had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same quarter in the previous year, the company posted $1.20 earnings per share. The company’s revenue was up 3.4% compared to the same quarter last year. On average, research analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued 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 3.11%. Medtronic’s dividend payout ratio is presently 101.82%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Oppenheimer upped their target price on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report on Wednesday, August 21st. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Citigroup dropped their price objective on Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Piper Sandler upped their price objective on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Finally, Truist Financial upped their price objective on Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Medtronic currently has a consensus rating of “Hold” and a consensus price target of $92.92.

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.