GAMMA Investing LLC Buys 3,289 Shares of Medtronic plc (NYSE:MDT)

GAMMA Investing LLC lifted its stake in Medtronic plc (NYSE:MDT) by 33.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,024 shares of the medical technology company’s stock after acquiring an additional 3,289 shares during the quarter. GAMMA Investing LLC’s holdings in Medtronic were worth $1,173,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Handelsbanken Fonder AB increased its position in Medtronic by 3.8% during the third quarter. Handelsbanken Fonder AB now owns 568,985 shares of the medical technology company’s stock valued at $51,226,000 after acquiring an additional 20,701 shares during the last quarter. Cullen Investment Group LTD. grew its stake in shares of Medtronic by 1.4% during the 3rd quarter. Cullen Investment Group LTD. now owns 74,054 shares of the medical technology company’s stock valued at $6,667,000 after purchasing an additional 1,024 shares during the period. Burns J W & Co. Inc. NY purchased a new stake in shares of Medtronic during the 3rd quarter valued at about $227,000. Quent Capital LLC lifted its stake in shares of Medtronic by 14.1% in the 3rd quarter. Quent Capital LLC now owns 2,033 shares of the medical technology company’s stock worth $183,000 after purchasing an additional 252 shares during the period. Finally, Central Valley Advisors LLC boosted its holdings in shares of Medtronic by 3.7% in the third quarter. Central Valley Advisors LLC now owns 14,777 shares of the medical technology company’s stock worth $1,330,000 after buying an additional 521 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Down 1.4 %

Shares of MDT opened at $87.04 on Tuesday. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The business has a fifty day moving average of $86.77 and a 200 day moving average of $83.28. The company has a market cap of $111.61 billion, a PE ratio of 31.65, 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.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.03. The firm 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 business’s revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the business earned $1.20 EPS. On average, sell-side analysts expect that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.22%. Medtronic’s dividend payout ratio is 101.82%.

Analysts Set New Price Targets

Several research analysts have weighed in on MDT shares. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Robert W. Baird raised their target price on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a report on Wednesday, August 21st. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Finally, Oppenheimer boosted their price objective on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Medtronic currently has a consensus rating of “Hold” and an average target price of $94.21.

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.