Brightwater Advisory LLC Buys Shares of 2,557 Medtronic plc (NYSE:MDT)

Brightwater Advisory LLC purchased a new stake in shares of Medtronic plc (NYSE:MDT) in the second quarter, according to its most recent filing with the SEC. The firm purchased 2,557 shares of the medical technology company’s stock, valued at approximately $201,000.

Several other institutional investors have also modified their holdings of MDT. Sanctuary Advisors LLC purchased a new stake in Medtronic in the second quarter valued at approximately $13,571,000. Brown Financial Advisors purchased a new stake in Medtronic during the second quarter worth approximately $1,754,000. Strategic Investment Solutions Inc. IL purchased a new stake in Medtronic during the second quarter worth approximately $159,000. Farmers National Bank grew its stake in Medtronic by 4.2% during the second quarter. Farmers National Bank now owns 44,657 shares of the medical technology company’s stock worth $3,515,000 after buying an additional 1,812 shares during the period. Finally, Heritage Oak Wealth Advisors LLC purchased a new stake in Medtronic during the second quarter worth approximately $438,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on MDT. Truist Financial boosted their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. Robert W. Baird boosted their price objective on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Stifel Nicolaus boosted their price objective on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Finally, UBS Group upgraded 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. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $94.21.

Medtronic Trading Down 0.0 %

MDT opened at $89.99 on Wednesday. The stock has a market capitalization of $115.39 billion, a PE ratio of 32.72, a P/E/G ratio of 2.56 and a beta of 0.84. The firm’s fifty day moving average price is $86.21 and its 200 day moving average price is $83.19. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. Medtronic plc has a 12-month low of $68.84 and a 12-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 (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the prior year, the company posted $1.20 earnings per share. As a group, research analysts expect that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a $0.70 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.11%. Medtronic’s dividend payout ratio is presently 101.82%.

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.