Boston Research & Management Inc. Grows Stock Position in Medtronic plc (NYSE:MDT)

Boston Research & Management Inc. boosted its stake in shares of Medtronic plc (NYSE:MDT) by 1.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 48,487 shares of the medical technology company’s stock after purchasing an additional 587 shares during the quarter. Boston Research & Management Inc.’s holdings in Medtronic were worth $3,816,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of MDT. Gryphon Financial Partners LLC acquired a new position in Medtronic during the 4th quarter worth approximately $220,000. CreativeOne Wealth LLC grew its stake in shares of Medtronic by 52.4% during the fourth quarter. CreativeOne Wealth LLC now owns 4,156 shares of the medical technology company’s stock worth $342,000 after purchasing an additional 1,429 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in Medtronic by 4.1% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 192,382 shares of the medical technology company’s stock valued at $15,848,000 after buying an additional 7,543 shares in the last quarter. SageView Advisory Group LLC lifted its holdings in Medtronic by 59.3% during the 4th quarter. SageView Advisory Group LLC now owns 7,306 shares of the medical technology company’s stock worth $635,000 after buying an additional 2,721 shares during the last quarter. Finally, TCW Group Inc. lifted its holdings in Medtronic by 3.8% during the 4th quarter. TCW Group Inc. now owns 78,425 shares of the medical technology company’s stock worth $6,468,000 after buying an additional 2,869 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on MDT shares. Oppenheimer upped their price target on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a research report on Wednesday, August 21st. Piper Sandler lifted their price target on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Wells Fargo & Company increased their price objective on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Finally, Barclays lifted their target price on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $92.92.

Medtronic Stock Down 0.1 %

Shares of NYSE MDT opened at $89.35 on Friday. The stock has a market capitalization of $114.57 billion, a price-to-earnings ratio of 32.49, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.49. The firm has a 50-day moving average price of $84.77 and a 200 day moving average price of $82.99. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share 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 business had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter in the prior year, the firm posted $1.20 EPS. The company’s revenue was up 3.4% compared to the same quarter last year. Equities research analysts anticipate that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

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