Frank Rimerman Advisors LLC Increases Stock Holdings in Medtronic plc (NYSE:MDT)

Frank Rimerman Advisors LLC boosted its stake in Medtronic plc (NYSE:MDT) by 6,340.2% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 22,412 shares of the medical technology company’s stock after acquiring an additional 22,064 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Medtronic were worth $1,764,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. LifeSteps Financial Inc. purchased a new stake in shares of Medtronic during the first quarter worth about $27,000. Lynx Investment Advisory purchased a new stake in Medtronic during the 2nd quarter worth approximately $28,000. Tributary Capital Management LLC acquired a new position in shares of Medtronic during the first quarter valued at approximately $33,000. Fortis Group Advisors LLC lifted its position in shares of 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 acquiring an additional 230 shares in the last quarter. Finally, Riverview Trust Co acquired a new stake in shares of Medtronic in the first quarter worth approximately $39,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Oppenheimer increased their price objective on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Truist Financial upped their price objective on shares of Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research note on Friday, August 23rd. Stifel Nicolaus increased their price objective on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. Finally, Barclays upped their price target on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. One analyst has rated the stock with a sell rating, nine have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $92.92.

Medtronic Trading Down 0.1 %

NYSE MDT opened at $89.34 on Monday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The stock 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 firm’s 50-day moving average is $84.77 and its two-hundred day moving average is $82.96. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.49.

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 the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.20 EPS. On average, sell-side analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

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

About Medtronic

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.