InvesTrust Acquires New Shares in Medtronic plc (NYSE:MDT)

InvesTrust bought a new position in shares of Medtronic plc (NYSE:MDT) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 4,230 shares of the medical technology company’s stock, valued at approximately $337,000.

A number of other institutional investors have also added to or reduced their stakes in the business. Fortitude Family Office LLC purchased a new stake in shares of Medtronic during the third quarter valued at about $27,000. Highline Wealth Partners LLC acquired a new position in Medtronic during the 3rd quarter valued at about $27,000. Darwin Wealth Management LLC acquired a new stake in Medtronic in the third quarter worth about $27,000. J. Stern & Co. LLP purchased a new stake in shares of Medtronic during the third quarter worth about $30,000. Finally, Chelsea Counsel Co. purchased a new position in shares of Medtronic in the 3rd quarter valued at approximately $45,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on MDT. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Citigroup lifted their price objective on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. JPMorgan Chase & Co. cut their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research note on Friday, November 15th. Truist Financial decreased their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. Finally, Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, nine have issued 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 stock currently has a consensus rating of “Hold” and a consensus target price of $95.00.

Medtronic Price Performance

MDT traded up $3.28 during midday trading on Wednesday, hitting $83.15. 6,912,246 shares of the company traded hands, compared to its average volume of 6,574,590. The company has a market capitalization of $106.62 billion, a price-to-earnings ratio of 25.43, a PEG ratio of 2.33 and a beta of 0.83. The business has a 50 day simple moving average of $84.46 and a two-hundred day simple moving average of $84.92. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $92.68.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same period in the previous year, the firm posted $1.25 EPS. Medtronic’s revenue was up 5.2% compared to the same quarter last year. On average, equities analysts forecast that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.37%. The ex-dividend date is Friday, December 27th. Medtronic’s dividend payout ratio is currently 85.63%.

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.