Medtronic plc (NYSE:MDT) Shares Acquired by National Bank of Canada FI

National Bank of Canada FI grew its holdings in Medtronic plc (NYSE:MDT) by 2.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 266,709 shares of the medical technology company’s stock after acquiring an additional 5,384 shares during the quarter. National Bank of Canada FI’s holdings in Medtronic were worth $20,531,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. LifeSteps Financial Inc. acquired a new stake in Medtronic in the first quarter worth about $27,000. Lynx Investment Advisory purchased a new position in shares of Medtronic in the second quarter worth about $28,000. Tributary Capital Management LLC purchased a new position in shares of Medtronic in the first quarter worth about $33,000. Fortis Group Advisors LLC raised its stake in shares of Medtronic by 100.0% in the fourth 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 last quarter. Finally, Riverview Trust Co purchased a new position in shares of Medtronic in the first quarter worth about $39,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Up 0.6 %

Shares of MDT opened at $89.89 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. Medtronic plc has a one year low of $68.84 and a one year high of $91.49. The stock has a market capitalization of $115.26 billion, a price-to-earnings ratio of 32.69, a PEG ratio of 2.52 and a beta of 0.82. The stock has a 50 day moving average price of $82.29 and a 200 day moving average price of $82.62.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion during 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 period in the previous year, the business earned $1.20 earnings per share. Equities research analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.11%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s payout ratio is currently 101.82%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on MDT shares. Truist Financial raised their price objective on Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. The Goldman Sachs Group initiated coverage on Medtronic in a research report on Thursday, May 30th. They set a “sell” rating and a $83.00 price target for the company. Citigroup reduced their price target on Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a research report on Wednesday, August 21st. Finally, UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and lifted their price target for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. One 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 assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and an average target price of $92.92.

Medtronic Company 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.