Waters Parkerson & CO. LLC Buys New Stake in Medtronic plc (NYSE:MDT)

Waters Parkerson & CO. LLC purchased a new position in Medtronic plc (NYSE:MDT) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 5,328 shares of the medical technology company’s stock, valued at approximately $419,000.

Other institutional investors also recently added to or reduced their stakes in the company. LifeSteps Financial Inc. bought a new position in shares of Medtronic during the 1st quarter worth approximately $27,000. Lynx Investment Advisory acquired a new stake in shares of Medtronic during the 2nd quarter worth about $28,000. Tributary Capital Management LLC bought a new position in Medtronic during the 1st quarter valued at about $33,000. Fortis Group Advisors LLC boosted its position in Medtronic by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after buying an additional 230 shares in the last quarter. Finally, Riverview Trust Co acquired a new stake in shares of Medtronic during the first quarter worth approximately $39,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MDT has been the topic of several recent analyst reports. Barclays boosted their target price on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. The Goldman Sachs Group assumed coverage on Medtronic in a research report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price objective on the stock. Robert W. Baird lifted their target price on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Daiwa America raised Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Finally, UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Medtronic presently has an average rating of “Hold” and a consensus target price of $92.92.

Medtronic Stock Performance

Shares of Medtronic stock opened at $89.47 on Friday. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.49. 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 company has a market capitalization of $114.72 billion, a PE ratio of 32.53, a PEG ratio of 2.57 and a beta of 0.84. The stock’s fifty day simple moving average is $84.55 and its 200 day simple moving average is $82.96.

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

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.13%. Medtronic’s payout ratio is 101.82%.

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.