Medtronic plc (NYSE:MDT) Shares Acquired by Providence Capital Advisors LLC

Providence Capital Advisors LLC increased its position in Medtronic plc (NYSE:MDT) by 411,764.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 70,017 shares of the medical technology company’s stock after acquiring an additional 70,000 shares during the period. Providence Capital Advisors LLC’s holdings in Medtronic were worth $5,511,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. LifeSteps Financial Inc. purchased a new position in shares of Medtronic during the 1st quarter worth $27,000. Lynx Investment Advisory acquired a new stake in shares of Medtronic during the 2nd quarter worth $28,000. Tributary Capital Management LLC acquired a new stake in Medtronic in the 1st quarter valued at $33,000. Riverview Trust Co acquired a new stake in Medtronic in the 1st quarter valued at $39,000. Finally, Fortis Group Advisors LLC increased its holdings in Medtronic by 100.0% in 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 in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Trading Up 0.6 %

Medtronic stock opened at $89.86 on Tuesday. The company has a 50 day moving average price of $85.03 and a 200 day moving average price of $82.99. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.49. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The firm has a market capitalization of $115.22 billion, a price-to-earnings ratio of 32.68, a P/E/G ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The company had revenue of $7.97 billion during 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 company’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter last year, the business posted $1.20 EPS. Research analysts forecast that Medtronic plc will post 5.46 EPS for the current 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 paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.12%. The ex-dividend date is Friday, September 27th. Medtronic’s payout ratio is presently 101.82%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on MDT. Truist Financial raised their target price on Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research note on Friday, August 23rd. 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 report on Wednesday, August 21st. Wells Fargo & Company raised their target price on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Daiwa America raised Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Finally, Stifel Nicolaus raised their price objective on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $92.92.

Medtronic 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.