Pacer Advisors Inc. Increases Stock Position in Medtronic plc (NYSE:MDT)

Pacer Advisors Inc. raised its position in shares of Medtronic plc (NYSE:MDT) by 37.6% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 124,197 shares of the medical technology company’s stock after buying an additional 33,959 shares during the period. Pacer Advisors Inc.’s holdings in Medtronic were worth $9,776,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on MDT shares. Oppenheimer raised their target price on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. Stifel Nicolaus raised their target price on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. Barclays raised their target price on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Finally, Citigroup dropped their target price on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $92.92.

Medtronic Trading Down 0.1 %

NYSE:MDT opened at $89.34 on Monday. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.49. The stock has a market cap of $114.56 billion, a price-to-earnings ratio of 32.49, a PEG ratio of 2.57 and a beta of 0.84. The company’s 50 day moving average price is $84.77 and its 200-day moving average price is $82.96. 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 posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates 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%. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.20 EPS. On average, equities research analysts forecast that Medtronic plc will post 5.46 earnings per share 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 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 is Friday, September 27th. Medtronic’s dividend payout ratio is currently 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.