HBW Advisory Services LLC Buys 530 Shares of Medtronic plc (NYSE:MDT)

HBW Advisory Services LLC boosted its stake in Medtronic plc (NYSE:MDT) by 1.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 33,985 shares of the medical technology company’s stock after acquiring an additional 530 shares during the period. HBW Advisory Services LLC’s holdings in Medtronic were worth $3,060,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. LifeSteps Financial Inc. purchased a new stake in Medtronic in the 1st quarter worth about $27,000. Lynx Investment Advisory bought a new position in Medtronic during the second quarter worth about $28,000. Tributary Capital Management LLC bought a new position in Medtronic during the first quarter worth about $33,000. Riverview Trust Co purchased a new position in shares of Medtronic in the first quarter worth about $39,000. Finally, Fortis Group Advisors LLC raised its position 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 valued at $38,000 after purchasing an additional 230 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a report on Wednesday, August 21st. Piper Sandler raised their price target on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Robert W. Baird lifted their price target on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Oppenheimer increased 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 target price on Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Medtronic currently has an average rating of “Hold” and an average target price of $94.21.

Medtronic Price Performance

Shares of Medtronic stock traded up $0.12 on Friday, hitting $87.89. 1,833,865 shares of the company traded hands, compared to its average volume of 6,346,344. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $91.49. 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 company has a market cap of $112.70 billion, a P/E ratio of 31.95, a P/E/G ratio of 2.56 and a beta of 0.84. The firm’s 50-day simple moving average is $86.58 and its 200 day simple moving average is $83.26.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter last year, the business posted $1.20 earnings per share. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. Analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.19%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio is currently 101.82%.

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.