Coston McIsaac & Partners Boosts Stake in Medtronic plc (NYSE:MDT)

Coston McIsaac & Partners lifted its position in shares of Medtronic plc (NYSE:MDT) by 2.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 56,170 shares of the medical technology company’s stock after acquiring an additional 1,580 shares during the quarter. Medtronic accounts for approximately 1.4% of Coston McIsaac & Partners’ investment portfolio, making the stock its 29th biggest holding. Coston McIsaac & Partners’ holdings in Medtronic were worth $5,056,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of MDT. Lynx Investment Advisory acquired a new stake in shares of Medtronic during the 2nd quarter worth approximately $28,000. Tributary Capital Management LLC acquired a new stake in Medtronic during the 1st quarter worth $33,000. Riverview Trust Co acquired a new stake in Medtronic during the 1st quarter worth $39,000. Gleason Group Inc. acquired a new stake in Medtronic during the 2nd quarter worth $42,000. Finally, Opal Wealth Advisors LLC acquired a new position in Medtronic in the second quarter valued at $43,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

Shares of MDT stock traded up $0.07 during midday trading on Wednesday, reaching $91.19. 1,141,475 shares of the company were exchanged, compared to its average volume of 6,212,877. The company’s 50 day moving average price is $88.83 and its two-hundred day moving average price is $83.67. The company has a market cap of $116.93 billion, a P/E ratio of 33.13, 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. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $92.25.

Medtronic (NYSE:MDT) last issued 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 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%. Medtronic’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.20 earnings per share. On average, sell-side analysts expect that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a dividend of $0.70 per share. The ex-dividend date was Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.07%. Medtronic’s dividend payout ratio is currently 101.82%.

Wall Street Analysts Forecast Growth

MDT has been the topic of several analyst reports. Stifel Nicolaus lifted their target price on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. Barclays upped their price target on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Citigroup upped their price target on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. Finally, Wells Fargo & Company upped their price target on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $95.36.

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.