Stonebrook Private Inc. Acquires 2,191 Shares of Medtronic plc (NYSE:MDT)

Stonebrook Private Inc. lifted its stake in shares of Medtronic plc (NYSE:MDT) by 8.7% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 27,290 shares of the medical technology company’s stock after acquiring an additional 2,191 shares during the period. Stonebrook Private Inc.’s holdings in Medtronic were worth $2,148,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Chicago Capital LLC purchased a new stake in Medtronic in the 2nd quarter valued at about $201,000. Wakefield Asset Management LLLP lifted its position in shares of Medtronic by 4.7% during the second quarter. Wakefield Asset Management LLLP now owns 4,994 shares of the medical technology company’s stock worth $393,000 after acquiring an additional 226 shares in the last quarter. Lake Street Advisors Group LLC boosted its stake in Medtronic by 4.2% in the 2nd quarter. Lake Street Advisors Group LLC now owns 5,906 shares of the medical technology company’s stock worth $469,000 after purchasing an additional 236 shares during the period. Advisor OS LLC boosted its position in shares of Medtronic by 5.4% in the second quarter. Advisor OS LLC now owns 4,406 shares of the medical technology company’s stock valued at $347,000 after acquiring an additional 225 shares during the period. Finally, Boyar Asset Management Inc. grew its position in shares of Medtronic by 5.6% during the 2nd quarter. Boyar Asset Management Inc. now owns 4,828 shares of the medical technology company’s stock valued at $380,000 after purchasing an additional 255 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. Wells Fargo & Company raised their price target on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. 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 research note on Wednesday, August 21st. The Goldman Sachs Group started coverage on Medtronic in a research note on Thursday, May 30th. They issued a “sell” rating and a $83.00 price target on the stock. Finally, UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $92.92.

Medtronic Stock Up 0.6 %

NYSE MDT traded up $0.50 during midday trading on Friday, hitting $89.89. 7,116,627 shares of the company traded hands, compared to its average volume of 6,304,211. 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 company has a market cap of $115.26 billion, a PE ratio of 32.69, a price-to-earnings-growth ratio of 2.52 and a beta of 0.84. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.49. The company’s 50-day simple moving average is $82.29 and its 200-day simple moving average is $82.62.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter in the previous year, the business earned $1.20 EPS. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. As a group, equities research analysts forecast that Medtronic plc will post 5.46 earnings per share 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 issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s payout ratio is 101.82%.

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.