3,871 Shares in Medtronic plc (NYSE:MDT) Purchased by Summit Investment Advisory Services LLC

Summit Investment Advisory Services LLC purchased a new stake in Medtronic plc (NYSE:MDT) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 3,871 shares of the medical technology company’s stock, valued at approximately $348,000.

Several other institutional investors have also recently made changes to their positions in the stock. Lynx Investment Advisory acquired a new position in Medtronic in the 2nd quarter valued at about $28,000. Tributary Capital Management LLC bought a new position in shares of Medtronic during the first quarter worth approximately $33,000. Riverview Trust Co acquired a new stake in Medtronic during the 1st quarter worth approximately $39,000. Gleason Group Inc. bought a new stake in Medtronic in the 2nd quarter valued at $42,000. Finally, Opal Wealth Advisors LLC acquired a new position in Medtronic in the 2nd quarter valued at $43,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Trading Down 0.1 %

Shares of NYSE MDT traded down $0.13 during midday trading on Thursday, reaching $89.86. The stock had a trading volume of 935,836 shares, compared to its average volume of 6,228,229. The company’s 50 day moving average price is $88.10 and its 200 day moving average price is $83.52. 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 twelve month low of $68.84 and a twelve month high of $91.49. The firm has a market cap of $115.22 billion, a price-to-earnings ratio of 32.72, a price-to-earnings-growth ratio of 2.53 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The company had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm’s revenue was up 3.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.20 EPS. As a group, sell-side analysts expect that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.12%. Medtronic’s dividend payout ratio is presently 101.82%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. Robert W. Baird boosted their target price on shares of Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Wells Fargo & Company increased their price target 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. Evercore ISI boosted their price objective on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Finally, Truist Financial upped their target price on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target 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.