Prio Wealth Limited Partnership Has $22.10 Million Stake in Medtronic plc (NYSE:MDT)

Prio Wealth Limited Partnership reduced its position in shares of Medtronic plc (NYSE:MDT) by 3.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 280,808 shares of the medical technology company’s stock after selling 9,028 shares during the period. Prio Wealth Limited Partnership’s holdings in Medtronic were worth $22,102,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Capital Research Global Investors boosted its position in Medtronic by 7.1% during the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after acquiring an additional 2,044,109 shares during the last quarter. Pzena Investment Management LLC grew its position in Medtronic by 8.3% in the second quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock valued at $653,854,000 after purchasing an additional 637,931 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Medtronic by 7.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock valued at $560,494,000 after buying an additional 515,751 shares during the last quarter. Longview Partners Guernsey LTD lifted its position in Medtronic by 2.3% during the 1st quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company’s stock worth $578,245,000 after buying an additional 147,737 shares in the last quarter. Finally, Raymond James & Associates boosted its stake in shares of Medtronic by 5.7% during the 2nd quarter. Raymond James & Associates now owns 6,246,361 shares of the medical technology company’s stock worth $491,651,000 after buying an additional 336,618 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Down 0.0 %

Shares of MDT opened at $89.99 on Wednesday. The firm’s 50-day simple moving average is $86.21 and its 200 day simple moving average is $83.19. 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 cap of $115.39 billion, a P/E ratio of 32.72, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.49.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.20 by $0.03. The company had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.20 earnings per share. On average, analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be given a $0.70 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. Medtronic’s payout ratio is presently 101.82%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on MDT. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and lifted their target price for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. Evercore ISI upped their price objective on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday. Piper Sandler increased their price objective on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Robert W. Baird boosted their target price on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Finally, Stifel Nicolaus increased their price target 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 issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $94.21.

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.