Advocate Group LLC Purchases 4,576 Shares of Medtronic plc (NYSE:MDT)

Advocate Group LLC boosted its position in Medtronic plc (NYSE:MDT) by 4.7% during the third quarter, HoldingsChannel reports. The fund owned 101,879 shares of the medical technology company’s stock after buying an additional 4,576 shares during the quarter. Medtronic comprises 1.7% of Advocate Group LLC’s holdings, making the stock its 17th biggest position. Advocate Group LLC’s holdings in Medtronic were worth $9,172,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in MDT. First PREMIER Bank raised its stake in Medtronic by 1.8% during the 3rd quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock valued at $577,000 after buying an additional 116 shares during the last quarter. Boyar Asset Management Inc. lifted its holdings in Medtronic by 2.6% in the fourth quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock valued at $383,000 after acquiring an additional 120 shares during the period. Quent Capital LLC boosted its position in Medtronic by 8.0% in the first quarter. Quent Capital LLC now owns 1,680 shares of the medical technology company’s stock worth $146,000 after purchasing an additional 125 shares during the last quarter. Abbrea Capital LLC grew its stake 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 valued at $446,000 after purchasing an additional 125 shares during the period. Finally, Waterway Wealth Management LLC increased its position 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 valued at $217,000 after purchasing an additional 126 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Wells Fargo & Company raised their target price on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Oppenheimer upped their price target on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. Truist Financial boosted their price objective on Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research report on Friday, August 23rd. Piper Sandler increased their target price on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Finally, Stifel Nicolaus increased their price target on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $95.14.

Medtronic Trading Up 1.0 %

Shares of Medtronic stock traded up $0.86 on Thursday, hitting $89.21. 420,281 shares of the company traded hands, compared to its average volume of 6,284,998. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.49. The company has a market cap of $114.39 billion, a PE ratio of 32.13, a PEG ratio of 2.56 and a beta of 0.84. The stock’s 50 day moving average price is $87.22 and its 200-day moving average price is $83.38. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The company had revenue of $7.97 billion during 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 for the quarter was up 3.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.20 earnings per share. Equities research analysts predict that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The firm also recently disclosed 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 yield of 3.14%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s payout ratio is 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.