Blue Trust Inc. Boosts Stock Position in Medtronic plc (NYSE:MDT)

Blue Trust Inc. grew its holdings in Medtronic plc (NYSE:MDT) by 30.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,716 shares of the medical technology company’s stock after purchasing an additional 2,979 shares during the period. Blue Trust Inc.’s holdings in Medtronic were worth $1,145,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Lynx Investment Advisory purchased a new position in Medtronic in the 2nd quarter worth about $28,000. Tributary Capital Management LLC bought a new stake in shares of Medtronic during the first quarter valued at approximately $33,000. Riverview Trust Co purchased a new stake in shares of Medtronic in the first quarter valued at approximately $39,000. Gleason Group Inc. bought a new position in Medtronic in the second quarter worth approximately $42,000. Finally, Opal Wealth Advisors LLC bought a new stake in Medtronic during the 2nd quarter valued at $43,000. 82.06% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on MDT shares. Barclays raised their price target on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Evercore ISI boosted their price target on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Wells Fargo & Company increased their price objective on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Piper Sandler boosted 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, Daiwa America raised Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $95.36.

Medtronic Price Performance

Shares of MDT stock opened at $92.24 on Monday. The firm has a market capitalization of $118.28 billion, a price-to-earnings ratio of 33.54, a PEG ratio of 2.53 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The stock’s 50-day simple moving average is $88.45 and its 200-day simple moving average is $83.58. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $92.25.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter last year, the company posted $1.20 earnings per share. As a group, equities analysts forecast that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.04%. Medtronic’s payout ratio 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.