2,591 Shares in Medtronic plc (NYSE:MDT) Bought by Means Investment CO. Inc.

Means Investment CO. Inc. acquired a new stake in shares of Medtronic plc (NYSE:MDT) during the third quarter, Holdings Channel reports. The fund acquired 2,591 shares of the medical technology company’s stock, valued at approximately $233,000.

Several other large investors have also recently modified their holdings of the stock. M&G Plc bought a new stake in Medtronic in the first quarter valued at approximately $259,160,000. Capital Research Global Investors increased its stake in shares of Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after buying an additional 2,044,109 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Medtronic by 1,195.9% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock valued at $144,637,000 after buying an additional 1,695,800 shares during the last quarter. Troy Asset Management Ltd purchased a new stake in Medtronic during the 2nd quarter valued at $85,440,000. Finally, 1832 Asset Management L.P. grew its holdings in Medtronic by 26.9% in the 2nd quarter. 1832 Asset Management L.P. now owns 4,915,609 shares of the medical technology company’s stock worth $386,908,000 after acquiring an additional 1,041,863 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

MDT stock opened at $92.24 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The firm has a 50 day moving average price of $88.45 and a 200-day moving average price of $83.59. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $92.25. The firm has a market capitalization of $118.28 billion, a price-to-earnings ratio of 33.54, a PEG 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. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter in the previous year, the business earned $1.20 earnings per share. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. Equities research analysts forecast that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.04%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is 101.82%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and increased their target price for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Daiwa America raised Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Piper Sandler raised their price target on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Oppenheimer boosted their price objective on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report on Wednesday, August 21st. Finally, Barclays raised their target price on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $95.36.

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.