Atomi Financial Group Inc. Acquires 3,230 Shares of Medtronic plc (NYSE:MDT)

Atomi Financial Group Inc. lifted its stake in shares of Medtronic plc (NYSE:MDT) by 36.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,989 shares of the medical technology company’s stock after purchasing an additional 3,230 shares during the quarter. Atomi Financial Group Inc.’s holdings in Medtronic were worth $1,079,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Lynx Investment Advisory acquired a new position in shares of Medtronic during the second quarter worth $28,000. Tributary Capital Management LLC bought a new position in Medtronic in the first quarter valued at about $33,000. Riverview Trust Co bought a new position in Medtronic in the first quarter valued at about $39,000. Fortis Group Advisors LLC grew its holdings in shares of 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 purchasing an additional 230 shares during the last quarter. Finally, Gleason Group Inc. bought a new stake in shares of Medtronic during the second quarter worth about $42,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of NYSE MDT opened at $88.14 on Wednesday. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The firm’s 50-day moving average price is $86.91 and its 200-day moving average price is $83.31. The firm has a market capitalization of $113.02 billion, a P/E ratio of 32.05, a P/E/G ratio of 2.56 and a beta of 0.84. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.49.

Medtronic (NYSE:MDT) last announced its quarterly 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 business had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.20 earnings per share. Equities research analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a dividend of $0.70 per share. The ex-dividend date is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.18%. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MDT. Piper Sandler boosted their target price on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. Truist Financial upped their price target on Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research report on Friday, August 23rd. Finally, UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Medtronic currently has an average rating of “Hold” and a consensus price target of $94.64.

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.