O Keefe Stevens Advisory Inc. Increases Holdings in Medtronic plc (NYSE:MDT)

O Keefe Stevens Advisory Inc. lifted its holdings in shares of Medtronic plc (NYSE:MDT) by 42.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,429 shares of the medical technology company’s stock after purchasing an additional 1,628 shares during the period. O Keefe Stevens Advisory Inc.’s holdings in Medtronic were worth $489,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. M&G Plc bought a new stake in Medtronic in the first quarter worth about $259,160,000. Capital Research Global Investors increased its stake in shares of Medtronic by 7.1% during the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after purchasing an additional 2,044,109 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Medtronic by 1,195.9% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock worth $144,637,000 after purchasing an additional 1,695,800 shares during 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 4th 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 purchasing an additional 1,405,978 shares during the period. Finally, Troy Asset Management Ltd purchased a new position in Medtronic in the second quarter valued at approximately $85,440,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MDT has been the subject of a number of recent research reports. Truist Financial raised their target price on Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research report on Friday, August 23rd. Wells Fargo & Company boosted their price objective on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Royal Bank of Canada upped their price objective on shares of Medtronic from $92.00 to $98.00 and gave the company a “sector perform” rating in a report on Tuesday. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Finally, Stifel Nicolaus boosted their price target on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic has a consensus rating of “Hold” and a consensus price target of $94.64.

Medtronic Stock Up 1.3 %

Shares of NYSE:MDT opened at $88.14 on Wednesday. The firm has a fifty day moving average price of $86.91 and a two-hundred day moving average price of $83.31. The company has a market cap of $113.02 billion, a price-to-earnings ratio of 32.05, a PEG ratio of 2.56 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. Medtronic plc has a one year low of $68.84 and a one year high of $91.49.

Medtronic (NYSE:MDT) last posted its quarterly earnings data 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 company had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the company earned $1.20 earnings per share. Analysts anticipate that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

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 paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio is currently 101.82%.

About Medtronic

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.