ProVise Management Group LLC Has $8.62 Million Position in Medtronic plc (NYSE:MDT)

ProVise Management Group LLC raised its stake in shares of Medtronic plc (NYSE:MDT) by 5.0% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 109,506 shares of the medical technology company’s stock after buying an additional 5,169 shares during the period. ProVise Management Group LLC’s holdings in Medtronic were worth $8,619,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. MQS Management LLC boosted its stake in shares of Medtronic by 62.1% during the 2nd quarter. MQS Management LLC now owns 9,363 shares of the medical technology company’s stock valued at $737,000 after buying an additional 3,587 shares during the period. XTX Topco Ltd bought a new position in shares of Medtronic during the 2nd quarter valued at $2,741,000. WCG Wealth Advisors LLC raised its holdings in shares of Medtronic by 13.1% during the 2nd quarter. WCG Wealth Advisors LLC now owns 23,374 shares of the medical technology company’s stock valued at $1,840,000 after purchasing an additional 2,706 shares in the last quarter. Hsbc Holdings PLC raised its holdings in shares of Medtronic by 30.3% during the 2nd quarter. Hsbc Holdings PLC now owns 1,161,329 shares of the medical technology company’s stock valued at $91,809,000 after purchasing an additional 270,368 shares in the last quarter. Finally, First Washington CORP raised its holdings in shares of Medtronic by 2.0% during the 2nd quarter. First Washington CORP now owns 44,253 shares of the medical technology company’s stock valued at $3,483,000 after purchasing an additional 866 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Performance

NYSE:MDT opened at $88.13 on Thursday. The firm’s 50-day moving average is $84.32 and its 200-day moving average is $82.91. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $91.49. 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 company has a market cap of $113.01 billion, a price-to-earnings ratio of 32.05, a PEG ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter in the previous year, the firm posted $1.20 EPS. The business’s revenue was up 3.4% compared to the same quarter last year. Equities research analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.18%. Medtronic’s dividend payout ratio (DPR) is currently 101.82%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on MDT. Truist Financial raised their price target on shares of Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a report on Friday, August 23rd. Oppenheimer raised their price target on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. Robert W. Baird lifted their target price on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Finally, UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. 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 given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $92.92.

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.