SignalPoint Asset Management LLC Buys New Holdings in Medtronic plc (NYSE:MDT)

SignalPoint Asset Management LLC purchased a new position in Medtronic plc (NYSE:MDT) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 2,312 shares of the medical technology company’s stock, valued at approximately $207,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Chemung Canal Trust Co. increased its position in shares of Medtronic by 1,467.5% in the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock valued at $4,175,000 after acquiring an additional 44,846 shares during the period. Manning & Napier Advisors LLC bought a new stake in shares of Medtronic in the 2nd quarter worth approximately $25,643,000. SageView Advisory Group LLC increased its stake in shares of Medtronic by 130.3% during the first quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock valued at $1,467,000 after buying an additional 9,523 shares during the period. Daiwa Securities Group Inc. raised its holdings in shares of Medtronic by 10.0% during the first quarter. Daiwa Securities Group Inc. now owns 135,268 shares of the medical technology company’s stock valued at $11,789,000 after acquiring an additional 12,250 shares in the last quarter. Finally, Burns J W & Co. Inc. NY lifted its stake in Medtronic by 17.4% in the first quarter. Burns J W & Co. Inc. NY now owns 3,276 shares of the medical technology company’s stock worth $286,000 after acquiring an additional 486 shares during the period. Institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. Piper Sandler boosted their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Stifel Nicolaus raised their target price 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. Truist Financial boosted their price target on Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research report on Friday, August 23rd. Finally, Oppenheimer lifted their price objective on Medtronic from $92.00 to $94.00 and gave the company a “market perform” 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 given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $94.21.

Medtronic Price Performance

MDT opened at $87.04 on Tuesday. The company’s 50-day simple moving average is $86.77 and its two-hundred day simple moving average is $83.28. 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 stock has a market capitalization of $111.61 billion, a P/E ratio of 31.65, a P/E/G 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 issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.03. The company 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 quarter last year, the company posted $1.20 earnings per share. As a group, analysts predict that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The company also recently announced 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 annualized dividend and a yield of 3.22%. Medtronic’s payout ratio is 101.82%.

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.