Brightwater Advisory LLC Makes New Investment in Medtronic plc (NYSE:MDT)

Brightwater Advisory LLC bought a new position in shares of Medtronic plc (NYSE:MDT) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,557 shares of the medical technology company’s stock, valued at approximately $201,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. LifeSteps Financial Inc. bought a new position in shares of Medtronic during the first quarter worth about $27,000. Lynx Investment Advisory bought a new position in shares of Medtronic during the second quarter worth about $28,000. Tributary Capital Management LLC bought a new position in shares of Medtronic during the first quarter worth about $33,000. Fortis Group Advisors LLC grew its position in shares of Medtronic by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after acquiring an additional 230 shares during the last quarter. Finally, Riverview Trust Co bought a new position in shares of Medtronic during the first quarter worth about $39,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Performance

NYSE:MDT opened at $89.99 on Wednesday. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.49. 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 company has a 50-day moving average of $86.21 and a 200-day moving average of $83.19. The firm has a market cap of $115.39 billion, a price-to-earnings ratio of 32.72, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84.

Medtronic (NYSE:MDT) last posted its quarterly earnings data 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 company had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same quarter last year, the firm posted $1.20 EPS. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. Analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders 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 dividend yield of 3.11%. Medtronic’s dividend payout ratio (DPR) is 101.82%.

Analysts Set New Price Targets

Several research firms have recently commented on MDT. Robert W. Baird upped their price target on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Stifel Nicolaus upped their price target on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. Finally, Barclays increased their target price on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $94.21.

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.