Strategic Advisors LLC Grows Position in Medtronic plc (NYSE:MDT)

Strategic Advisors LLC boosted its position in shares of Medtronic plc (NYSE:MDT) by 0.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 33,438 shares of the medical technology company’s stock after purchasing an additional 215 shares during the period. Strategic Advisors LLC’s holdings in Medtronic were worth $3,010,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MDT. Jacobi Capital Management LLC grew its position in Medtronic by 7.7% in the 4th quarter. Jacobi Capital Management LLC now owns 18,171 shares of the medical technology company’s stock valued at $1,497,000 after acquiring an additional 1,292 shares during the last quarter. Concentric Wealth Management LLC grew its holdings in shares of Medtronic by 8.6% in the fourth quarter. Concentric Wealth Management LLC now owns 28,693 shares of the medical technology company’s stock worth $2,364,000 after purchasing an additional 2,280 shares during the last quarter. Clear Street Markets LLC bought a new position in shares of Medtronic in the fourth quarter worth about $1,260,000. BlueCrest Capital Management Ltd increased its stake in Medtronic by 156.5% in the 4th quarter. BlueCrest Capital Management Ltd now owns 11,450 shares of the medical technology company’s stock worth $943,000 after buying an additional 31,727 shares during the period. Finally, Boyar Asset Management Inc. lifted its holdings in Medtronic by 2.6% during the 4th quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock valued at $383,000 after buying an additional 120 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Performance

NYSE:MDT traded up $0.70 during midday trading on Thursday, hitting $89.05. The company’s stock had a trading volume of 1,285,868 shares, compared to its average volume of 6,288,914. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.49. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The firm has a market cap of $114.19 billion, a P/E ratio of 32.13, a P/E/G ratio of 2.56 and a beta of 0.84. The firm’s 50 day moving average is $87.22 and its 200-day moving average is $83.38.

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 firm 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 business’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.20 earnings per share. Equities analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.14%. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Analysts Set New Price Targets

A number of brokerages have recently commented on MDT. Barclays raised their target price on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Robert W. Baird boosted 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. Wells Fargo & Company lifted their price target on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Finally, Daiwa America upgraded Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $95.14.

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.