Inspire Trust Co. N.A. Acquires 5,993 Shares of Medtronic plc (NYSE:MDT)

Inspire Trust Co. N.A. increased its stake in shares of Medtronic plc (NYSE:MDT) by 19.6% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 36,500 shares of the medical technology company’s stock after buying an additional 5,993 shares during the period. Inspire Trust Co. N.A.’s holdings in Medtronic were worth $3,286,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Old North State Trust LLC increased its holdings in shares of Medtronic by 7.5% in the third quarter. Old North State Trust LLC now owns 3,013 shares of the medical technology company’s stock valued at $271,000 after purchasing an additional 210 shares in the last quarter. Synovus Financial Corp boosted its position in Medtronic by 1.2% in the 3rd quarter. Synovus Financial Corp now owns 66,738 shares of the medical technology company’s stock valued at $6,008,000 after buying an additional 783 shares during the last quarter. Wilmington Savings Fund Society FSB increased its stake in shares of Medtronic by 449.3% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 73,373 shares of the medical technology company’s stock valued at $6,606,000 after buying an additional 60,016 shares during the period. World Investment Advisors LLC raised its position in shares of Medtronic by 212.9% during the third quarter. World Investment Advisors LLC now owns 126,314 shares of the medical technology company’s stock worth $11,372,000 after acquiring an additional 85,947 shares during the last quarter. Finally, Sanctuary Advisors LLC lifted its stake in shares of Medtronic by 6.8% during the third quarter. Sanctuary Advisors LLC now owns 181,843 shares of the medical technology company’s stock valued at $15,677,000 after acquiring an additional 11,651 shares during the period. Institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Daiwa America raised Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Oppenheimer boosted their price target on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. Sanford C. Bernstein raised their price objective on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research note on Wednesday, November 20th. Wells Fargo & Company dropped their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $95.27.

Medtronic Price Performance

Shares of MDT opened at $82.73 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $92.68. The stock has a 50 day simple moving average of $87.77 and a 200 day simple moving average of $84.99. The firm has a market capitalization of $106.08 billion, a PE ratio of 25.30, a P/E/G ratio of 2.35 and a beta of 0.82.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. During the same period in the previous year, the company posted $1.25 earnings per share. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. Sell-side analysts predict that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.38%. The ex-dividend date of this dividend is Friday, December 27th. Medtronic’s payout ratio is 85.63%.

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.