Medtronic plc (NYSE:MDT) Shares Acquired by Daymark Wealth Partners LLC

Daymark Wealth Partners LLC increased its holdings in shares of Medtronic plc (NYSE:MDT) by 26.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 41,566 shares of the medical technology company’s stock after purchasing an additional 8,727 shares during the period. Daymark Wealth Partners LLC’s holdings in Medtronic were worth $3,272,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Capital Research Global Investors boosted its stake in shares of Medtronic by 7.1% during the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after buying an additional 2,044,109 shares during the period. Pzena Investment Management LLC lifted its position in Medtronic by 8.3% during the 2nd quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock worth $653,854,000 after acquiring an additional 637,931 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Medtronic by 7.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock valued at $560,494,000 after purchasing an additional 515,751 shares during the last quarter. Longview Partners Guernsey LTD increased its holdings in shares of Medtronic by 2.3% in the first quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company’s stock valued at $578,245,000 after purchasing an additional 147,737 shares during the period. Finally, Raymond James & Associates raised its stake in shares of Medtronic by 5.7% during the second quarter. Raymond James & Associates now owns 6,246,361 shares of the medical technology company’s stock worth $491,651,000 after purchasing an additional 336,618 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

Medtronic stock opened at $89.45 on Friday. The firm has a market capitalization of $114.70 billion, a PE ratio of 32.53, a P/E/G ratio of 2.56 and a beta of 0.84. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.49. The firm’s 50-day simple moving average is $85.42 and its 200 day simple moving average is $83.07. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

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. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter in the prior year, the firm earned $1.20 earnings per share. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. 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. Shareholders of record on Friday, September 27th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.13%. The ex-dividend date is Friday, September 27th. Medtronic’s payout ratio is 101.82%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MDT. Truist Financial lifted their price objective on shares of Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research report on Friday, August 23rd. The Goldman Sachs Group assumed coverage on shares of Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price on the stock. Piper Sandler increased their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Barclays lifted their price objective on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Finally, Stifel Nicolaus increased their target price on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, nine have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $92.92.

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.