Burns J W & Co. Inc. NY Makes New Investment in Medtronic plc (NYSE:MDT)

Burns J W & Co. Inc. NY purchased a new stake in shares of Medtronic plc (NYSE:MDT) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 2,524 shares of the medical technology company’s stock, valued at approximately $227,000.

A number of other hedge funds have also modified their holdings of MDT. Quent Capital LLC increased its holdings in Medtronic by 14.1% in the third quarter. Quent Capital LLC now owns 2,033 shares of the medical technology company’s stock worth $183,000 after buying an additional 252 shares during the last quarter. Central Valley Advisors LLC grew its position in Medtronic by 3.7% in the third quarter. Central Valley Advisors LLC now owns 14,777 shares of the medical technology company’s stock worth $1,330,000 after acquiring an additional 521 shares in the last quarter. Allied Investment Advisors LLC increased its stake in shares of Medtronic by 2.9% during the 3rd quarter. Allied Investment Advisors LLC now owns 106,862 shares of the medical technology company’s stock worth $9,621,000 after purchasing an additional 3,020 shares during the last quarter. Biltmore Wealth Management LLC raised its holdings in shares of Medtronic by 8.0% during the 3rd quarter. Biltmore Wealth Management LLC now owns 6,925 shares of the medical technology company’s stock valued at $623,000 after purchasing an additional 510 shares in the last quarter. Finally, HBW Advisory Services LLC lifted its stake in shares of Medtronic by 1.6% in the 3rd quarter. HBW Advisory Services LLC now owns 33,985 shares of the medical technology company’s stock valued at $3,060,000 after purchasing an additional 530 shares during the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MDT has been the topic of several recent research reports. Wells Fargo & Company raised their target price on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a report on Wednesday, August 21st. Piper Sandler increased their price target on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Finally, Barclays boosted their price objective 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. One analyst has rated the stock with a sell rating, nine have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Medtronic presently has an average rating of “Hold” and an average target price of $94.21.

Medtronic Trading Up 0.6 %

Medtronic stock opened at $88.26 on Friday. The business has a 50 day moving average price of $86.77 and a two-hundred day moving average price of $83.29. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.49. The stock has a market cap of $113.17 billion, a price-to-earnings ratio of 32.09, a price-to-earnings-growth ratio of 2.56 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 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same period in the prior year, the company posted $1.20 earnings per share. Medtronic’s revenue was up 3.4% on a year-over-year basis. As a group, equities analysts forecast that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

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 dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.17%. Medtronic’s dividend payout ratio (DPR) 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.