Miramar Capital LLC Boosts Holdings in Medtronic plc (NYSE:MDT)

Miramar Capital LLC raised its holdings in Medtronic plc (NYSE:MDT) by 0.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 150,004 shares of the medical technology company’s stock after purchasing an additional 265 shares during the period. Medtronic accounts for approximately 3.0% of Miramar Capital LLC’s portfolio, making the stock its 15th largest holding. Miramar Capital LLC’s holdings in Medtronic were worth $11,807,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of MDT. LifeSteps Financial Inc. purchased a new position in Medtronic in the 1st quarter valued at about $27,000. Lynx Investment Advisory acquired a new position in shares of Medtronic in the second quarter valued at approximately $28,000. Tributary Capital Management LLC purchased a new position in shares of Medtronic during the first quarter valued at approximately $33,000. Riverview Trust Co acquired a new stake in Medtronic during the first quarter worth approximately $39,000. Finally, Fortis Group Advisors LLC grew its stake in Medtronic by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after acquiring an additional 230 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Performance

NYSE:MDT opened at $88.13 on Thursday. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.49. The firm has a market capitalization of $113.01 billion, a price-to-earnings ratio of 32.05, a PEG ratio of 2.57 and a beta of 0.84. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The firm’s fifty day simple moving average is $84.32 and its 200 day simple moving average is $82.91.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping 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 company had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter in the previous year, the firm posted $1.20 earnings per share. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. As a group, equities research analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

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 given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.18%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is 101.82%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on MDT shares. Citigroup reduced their price target on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. UBS Group upgraded 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 research report on Thursday, August 15th. Robert W. Baird lifted their price target on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Stifel Nicolaus increased their price objective on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Finally, Truist Financial boosted their target price on shares of Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a report on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $92.92.

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.