Fortitude Family Office LLC Purchases Shares of 298 Medtronic plc (NYSE:MDT)

Fortitude Family Office LLC purchased a new stake in Medtronic plc (NYSE:MDT) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 298 shares of the medical technology company’s stock, valued at approximately $27,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Lynx Investment Advisory acquired a new stake in Medtronic in the second quarter valued at $28,000. Gleason Group Inc. acquired a new stake in Medtronic in the second quarter valued at $42,000. Opal Wealth Advisors LLC acquired a new stake in Medtronic in the second quarter valued at $43,000. Olistico Wealth LLC acquired a new stake in Medtronic in the second quarter valued at $45,000. Finally, Riverview Trust Co raised its stake in Medtronic by 252.7% in the third quarter. Riverview Trust Co now owns 656 shares of the medical technology company’s stock valued at $59,000 after buying an additional 470 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Performance

NYSE MDT opened at $90.55 on Thursday. 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 business’s 50 day moving average is $89.58 and its two-hundred day moving average is $84.03. Medtronic plc has a 12-month low of $69.32 and a 12-month high of $92.68. The stock has a market capitalization of $116.11 billion, a price-to-earnings ratio of 32.93, a PEG ratio of 2.60 and a beta of 0.84.

Medtronic (NYSE:MDT) last released its 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 company had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter in the previous year, the firm posted $1.20 EPS. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. Research analysts expect that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.09%. The ex-dividend date was Friday, September 27th. Medtronic’s payout ratio is 101.82%.

Analysts Set New Price Targets

MDT has been the topic of several research reports. Daiwa America raised Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Wells Fargo & Company raised their price objective on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Evercore ISI raised their price objective on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Oppenheimer raised their price objective on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. Finally, Truist Financial raised their price objective on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $95.36.

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.