Medtronic plc (NYSE:MDT) Shares Purchased by NewEdge Advisors LLC

NewEdge Advisors LLC boosted its stake in Medtronic plc (NYSE:MDT) by 7.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 122,880 shares of the medical technology company’s stock after buying an additional 8,127 shares during the quarter. NewEdge Advisors LLC’s holdings in Medtronic were worth $9,672,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Boyar Asset Management Inc. boosted its stake in Medtronic by 2.6% during the 4th quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock worth $383,000 after acquiring an additional 120 shares during the last quarter. Quent Capital LLC increased its holdings in Medtronic by 8.0% during the first quarter. Quent Capital LLC now owns 1,680 shares of the medical technology company’s stock worth $146,000 after buying an additional 125 shares during the last quarter. Abbrea Capital LLC boosted its position in Medtronic by 2.5% during the first quarter. Abbrea Capital LLC now owns 5,077 shares of the medical technology company’s stock worth $446,000 after purchasing an additional 125 shares during the period. Waterway Wealth Management LLC boosted its position in Medtronic by 4.8% during the second quarter. Waterway Wealth Management LLC now owns 2,759 shares of the medical technology company’s stock worth $217,000 after purchasing an additional 126 shares during the period. Finally, Angeles Investment Advisors LLC boosted its position in Medtronic by 1.0% during the fourth quarter. Angeles Investment Advisors LLC now owns 12,627 shares of the medical technology company’s stock worth $1,046,000 after purchasing an additional 128 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Citigroup reduced 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. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. Finally, Barclays boosted 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 research 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. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $92.92.

Medtronic Stock Up 0.8 %

MDT opened at $90.03 on Tuesday. 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 firm has a 50 day moving average price of $86.00 and a 200-day moving average price of $83.15. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.49. The stock has a market capitalization of $115.44 billion, a price-to-earnings ratio of 32.74, a PEG ratio of 2.56 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period in the previous year, the business posted $1.20 earnings per share. Equities research analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently declared 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 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s payout ratio is 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.