Medtronic plc (NYSE:MDT) Stock Position Raised by Soltis Investment Advisors LLC

Soltis Investment Advisors LLC raised its stake in Medtronic plc (NYSE:MDT) by 30.0% in the third quarter, HoldingsChannel.com reports. The fund owned 88,110 shares of the medical technology company’s stock after buying an additional 20,352 shares during the quarter. Medtronic accounts for 0.8% of Soltis Investment Advisors LLC’s portfolio, making the stock its 28th biggest position. Soltis Investment Advisors LLC’s holdings in Medtronic were worth $7,933,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Fortitude Family Office LLC acquired a new position in shares of Medtronic during the third quarter valued at $27,000. Highline Wealth Partners LLC acquired a new position in shares of Medtronic during the third quarter worth approximately $27,000. Darwin Wealth Management LLC acquired a new position in Medtronic during the 3rd quarter worth $27,000. J. Stern & Co. LLP bought a new position in Medtronic in the 3rd quarter valued at about $30,000. Finally, True Wealth Design LLC increased its stake in shares of Medtronic by 1,793.3% during the third quarter. True Wealth Design LLC now owns 568 shares of the medical technology company’s stock valued at $51,000 after acquiring an additional 538 shares during the period. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Performance

Shares of MDT opened at $83.60 on Wednesday. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $92.68. The company’s fifty day moving average is $88.13 and its 200-day moving average is $85.01. The firm has a market cap of $107.20 billion, a price-to-earnings ratio of 25.57, a price-to-earnings-growth ratio of 2.38 and a beta of 0.82.

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

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 27th will be issued a dividend of $0.70 per share. The ex-dividend date is Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.35%. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Robert W. Baird dropped their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 20th. Citigroup lifted their target price on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. Stifel Nicolaus upped their price target on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. Truist Financial boosted their target price on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday, October 14th. Finally, Daiwa America raised Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic has an average rating of “Hold” and an average target price of $95.27.

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.