Sanctuary Advisors LLC Buys New Position in Medtronic plc (NYSE:MDT)

Sanctuary Advisors LLC purchased a new position in shares of Medtronic plc (NYSE:MDT) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 170,192 shares of the medical technology company’s stock, valued at approximately $13,571,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. LifeSteps Financial Inc. purchased a new stake in Medtronic in the 1st quarter worth approximately $27,000. Lynx Investment Advisory purchased a new stake in shares of Medtronic in the second quarter valued at $28,000. Tributary Capital Management LLC acquired a new position in Medtronic in the first quarter valued at $33,000. Riverview Trust Co purchased a new position in Medtronic during the first quarter worth about $39,000. Finally, Fortis Group Advisors LLC boosted its stake in 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 buying an additional 230 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on MDT shares. Wells Fargo & Company upped their price objective on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Barclays increased their price target on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Stifel Nicolaus boosted 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. Oppenheimer upped their price objective on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. One analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Medtronic presently has an average rating of “Hold” and a consensus price target of $94.21.

Medtronic Price Performance

MDT stock opened at $89.10 on Thursday. The firm has a market cap of $114.25 billion, a P/E ratio of 32.40, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.49. The stock has a 50-day simple moving average of $86.39 and a 200-day simple moving average of $83.23.

Medtronic (NYSE:MDT) last issued its quarterly earnings data 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. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter last year, the company earned $1.20 earnings per share. Medtronic’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, equities analysts predict that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be given a $0.70 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.14%. Medtronic’s payout ratio is currently 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.