Fulton Bank N.A. Boosts Holdings in Medtronic plc (NYSE:MDT)

Fulton Bank N.A. increased its stake in shares of Medtronic plc (NYSE:MDT) by 6.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 16,326 shares of the medical technology company’s stock after buying an additional 937 shares during the period. Fulton Bank N.A.’s holdings in Medtronic were worth $1,470,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in MDT. Lynx Investment Advisory purchased a new stake in Medtronic during the second quarter worth about $28,000. Tributary Capital Management LLC purchased a new stake in Medtronic during the first quarter worth about $33,000. Fortis Group Advisors LLC increased its holdings in Medtronic by 100.0% during the fourth 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. Riverview Trust Co purchased a new stake in Medtronic during the first quarter worth about $39,000. Finally, Gleason Group Inc. bought a new position in Medtronic during the second quarter worth about $42,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Trading Down 1.4 %

Shares of MDT opened at $87.04 on Tuesday. The firm has a market cap of $111.61 billion, a price-to-earnings ratio of 31.65, a PEG 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 fifty-two week low of $68.84 and a fifty-two week high of $91.49. The firm has a 50 day moving average price of $86.77 and a 200-day moving average price of $83.28.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The firm 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 business’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.20 EPS. As a group, equities research analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The company 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 dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.22%. Medtronic’s dividend payout ratio is currently 101.82%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Robert W. Baird increased their target price on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. Barclays boosted their price objective on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Finally, Wells Fargo & Company boosted 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. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $94.21.

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.