Curbstone Financial Management Corp Acquires Shares of 4,586 Medtronic plc (NYSE:MDT)

Curbstone Financial Management Corp acquired a new stake in Medtronic plc (NYSE:MDT) in the third quarter, HoldingsChannel.com reports. The fund acquired 4,586 shares of the medical technology company’s stock, valued at approximately $413,000.

Other hedge funds have also made changes to their positions in the company. LifeSteps Financial Inc. purchased a new stake in shares of Medtronic in the 1st quarter valued at approximately $27,000. Lynx Investment Advisory purchased a new position in shares of Medtronic during the 2nd quarter worth approximately $28,000. Tributary Capital Management LLC purchased a new position in shares of Medtronic during the 1st quarter worth approximately $33,000. Fortis Group Advisors LLC boosted its position in shares of Medtronic by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after purchasing an additional 230 shares during the period. Finally, Riverview Trust Co purchased a new position in shares of Medtronic during the 1st quarter worth approximately $39,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a research report on Wednesday, August 21st. Citigroup raised their price target on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday. Evercore ISI raised their price target on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday. Robert W. Baird raised their price objective on shares of Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Finally, Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $94.21.

Medtronic Stock Up 0.6 %

NYSE:MDT traded up $0.49 during midday trading on Friday, hitting $88.26. 3,598,594 shares of the company were exchanged, compared to its average volume of 6,355,535. 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 market capitalization of $113.17 billion, a PE ratio of 32.09, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.49. The company has a fifty day simple moving average of $86.77 and a 200 day simple moving average of $83.30.

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, beating the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.20 EPS. As a group, equities analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.17%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

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.