Ensign Peak Advisors Inc Buys 21,545 Shares of Medtronic plc (NYSE:MDT)

Ensign Peak Advisors Inc increased its stake in Medtronic plc (NYSE:MDT) by 5.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 388,629 shares of the medical technology company’s stock after acquiring an additional 21,545 shares during the period. Ensign Peak Advisors Inc’s holdings in Medtronic were worth $30,589,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. LifeSteps Financial Inc. bought a new stake in shares of Medtronic in the 1st quarter valued at about $27,000. Lynx Investment Advisory purchased a new position in Medtronic during the 2nd quarter valued at about $28,000. Tributary Capital Management LLC purchased a new position in Medtronic during the 1st quarter valued at about $33,000. Riverview Trust Co purchased a new position in Medtronic during the 1st quarter valued at about $39,000. Finally, Fortis Group Advisors LLC increased its holdings in Medtronic by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after purchasing an additional 230 shares during the period. Institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MDT. The Goldman Sachs Group began coverage on Medtronic in a report on Thursday, May 30th. They set a “sell” rating and a $83.00 price target on the stock. Barclays boosted their price target on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a report on Wednesday, August 21st. Daiwa America upgraded Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Finally, Wells Fargo & Company upped their target price on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $92.92.

Medtronic Stock Performance

Medtronic stock opened at $89.34 on Monday. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $114.56 billion, a P/E ratio of 32.49, a PEG ratio of 2.57 and a beta of 0.84. The stock’s 50 day moving average is $84.77 and its 200 day moving average is $82.96. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.49.

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

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a $0.70 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.13%. 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.