Studio Investment Management LLC Acquires 1,534 Shares of Medtronic plc (NYSE:MDT)

Studio Investment Management LLC increased its stake in Medtronic plc (NYSE:MDT) by 19.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 9,265 shares of the medical technology company’s stock after purchasing an additional 1,534 shares during the quarter. Studio Investment Management LLC’s holdings in Medtronic were worth $742,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in MDT. Equity Investment Corp lifted its holdings in Medtronic by 27.9% during the fourth quarter. Equity Investment Corp now owns 1,341,079 shares of the medical technology company’s stock valued at $110,478,000 after purchasing an additional 292,459 shares in the last quarter. Chemung Canal Trust Co. raised its holdings in Medtronic by 1,467.5% during the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock valued at $4,175,000 after acquiring an additional 44,846 shares during the period. Manning & Napier Advisors LLC purchased a new position in shares of Medtronic in the second quarter valued at about $25,643,000. TD Asset Management Inc boosted its stake in shares of Medtronic by 4.3% in the fourth quarter. TD Asset Management Inc now owns 1,034,214 shares of the medical technology company’s stock worth $85,199,000 after acquiring an additional 42,988 shares during the period. Finally, SageView Advisory Group LLC grew its position in shares of Medtronic by 130.3% during the first quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock worth $1,467,000 after purchasing an additional 9,523 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on MDT. Truist Financial boosted their price target on Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a report on Friday, August 23rd. Wells Fargo & Company upped their target price on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. The Goldman Sachs Group assumed coverage on shares of Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price target on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. Finally, Oppenheimer lifted their target price on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. 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 Performance

NYSE MDT opened at $90.99 on Wednesday. The business’s 50 day moving average price is $82.83 and its 200-day moving average price is $82.65. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.49. The company has a market cap of $116.69 billion, a P/E ratio of 33.09, a P/E/G ratio of 2.56 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 (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $7.97 billion for 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 revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.20 earnings per share. Sell-side analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.08%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s payout ratio is currently 101.82%.

Medtronic 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.