ProVise Management Group LLC Has $8.62 Million Position in Medtronic plc (NYSE:MDT)

ProVise Management Group LLC increased its holdings in shares of Medtronic plc (NYSE:MDT) by 5.0% during the 2nd quarter, Holdings Channel.com reports. The fund owned 109,506 shares of the medical technology company’s stock after acquiring an additional 5,169 shares during the period. ProVise Management Group LLC’s holdings in Medtronic were worth $8,619,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in MDT. Boyar Asset Management Inc. boosted its holdings in shares of Medtronic by 2.6% during the 4th quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock worth $383,000 after buying an additional 120 shares during the period. Quent Capital LLC boosted its holdings in shares of Medtronic by 8.0% during the 1st quarter. Quent Capital LLC now owns 1,680 shares of the medical technology company’s stock worth $146,000 after buying an additional 125 shares during the period. Abbrea Capital LLC boosted its holdings in shares of Medtronic by 2.5% during the 1st quarter. Abbrea Capital LLC now owns 5,077 shares of the medical technology company’s stock worth $446,000 after buying an additional 125 shares during the period. Waterway Wealth Management LLC boosted its holdings in shares of Medtronic by 4.8% during the 2nd quarter. Waterway Wealth Management LLC now owns 2,759 shares of the medical technology company’s stock worth $217,000 after buying an additional 126 shares during the period. Finally, Angeles Investment Advisors LLC raised its stake in Medtronic by 1.0% in the 4th quarter. Angeles Investment Advisors LLC now owns 12,627 shares of the medical technology company’s stock worth $1,046,000 after purchasing an additional 128 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have weighed in on MDT. Wells Fargo & Company lifted their price objective on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Truist Financial lifted their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. Robert W. Baird lifted their price objective on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Piper Sandler lifted their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Finally, UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Medtronic currently has an average rating of “Hold” and an average target price of $92.92.

Medtronic Price Performance

Shares of NYSE:MDT opened at $88.13 on Thursday. The stock has a market capitalization of $113.01 billion, a PE ratio of 32.05, a PEG ratio of 2.57 and a beta of 0.84. 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 firm has a 50 day moving average of $84.32 and a 200-day moving average of $82.91. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.49.

Medtronic (NYSE:MDT) last announced 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 company had revenue of $7.97 billion for the quarter, compared to analyst estimates 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 period in the previous year, the firm posted $1.20 EPS. On average, equities research analysts predict that Medtronic plc will post 5.46 EPS 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 issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.18%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 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.