Allspring Global Investments Holdings LLC Raises Position in Medtronic plc (NYSE:MDT)

Allspring Global Investments Holdings LLC increased its holdings in Medtronic plc (NYSE:MDT) by 13.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,042,505 shares of the medical technology company’s stock after purchasing an additional 124,585 shares during the period. Allspring Global Investments Holdings LLC owned 0.08% of Medtronic worth $93,857,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Lynx Investment Advisory purchased a new stake in Medtronic in the 2nd quarter valued at about $28,000. Tributary Capital Management LLC purchased a new stake in Medtronic in the first quarter valued at approximately $33,000. Riverview Trust Co acquired a new position in Medtronic during the first quarter worth approximately $39,000. Gleason Group Inc. purchased a new position in Medtronic during the second quarter worth approximately $42,000. Finally, Opal Wealth Advisors LLC purchased a new position in Medtronic during the second quarter worth approximately $43,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MDT has been the subject of a number of research analyst reports. Stifel Nicolaus upped their price objective on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Oppenheimer boosted their price target on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report on Wednesday, August 21st. Daiwa America upgraded Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Citigroup lifted their price objective on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. Finally, Barclays increased their target price on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. One analyst has rated the stock with a sell rating, eight have given 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, Medtronic currently has an average rating of “Hold” and a consensus target price of $95.36.

Medtronic Trading Up 2.7 %

Shares of NYSE MDT opened at $92.24 on Monday. 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’s 50 day moving average price is $88.45 and its two-hundred day moving average price is $83.58. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $92.25. The stock has a market capitalization of $118.28 billion, a P/E ratio of 33.54, a PEG ratio of 2.53 and a beta of 0.84.

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. The firm had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm’s revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.20 earnings per share. On average, analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.04%. Medtronic’s dividend payout ratio is currently 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.