Callan Family Office LLC Acquires 808 Shares of Medtronic plc (NYSE:MDT)

Callan Family Office LLC boosted its position in Medtronic plc (NYSE:MDT) by 27.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,723 shares of the medical technology company’s stock after buying an additional 808 shares during the period. Callan Family Office LLC’s holdings in Medtronic were worth $335,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cresset Asset Management LLC boosted its stake in Medtronic by 4.4% during the 4th quarter. Cresset Asset Management LLC now owns 208,357 shares of the medical technology company’s stock valued at $17,267,000 after purchasing an additional 8,741 shares during the last quarter. Ethic Inc. boosted its stake in Medtronic by 3.8% during the 4th quarter. Ethic Inc. now owns 126,362 shares of the medical technology company’s stock valued at $10,410,000 after purchasing an additional 4,617 shares during the last quarter. Jacobi Capital Management LLC boosted its stake in Medtronic by 7.7% during the 4th quarter. Jacobi Capital Management LLC now owns 18,171 shares of the medical technology company’s stock valued at $1,497,000 after purchasing an additional 1,292 shares during the last quarter. Nebula Research & Development LLC acquired a new position in Medtronic during the 4th quarter valued at about $1,342,000. Finally, First Financial Bankshares Inc acquired a new position in Medtronic during the 4th quarter valued at about $49,523,000. 82.06% of the stock is owned by institutional investors.

Medtronic Trading Up 1.3 %

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 stock has a market capitalization of $113.02 billion, a PE ratio of 32.05, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84. The firm’s 50 day moving average is $86.91 and its 200 day moving average is $83.31. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.49.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping 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 firm had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same period last year, the company earned $1.20 earnings per share. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. Sell-side analysts expect that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently declared 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. This represents a $2.80 annualized dividend and a dividend yield of 3.18%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio is presently 101.82%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MDT. Oppenheimer lifted their price target on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. Evercore ISI boosted their target price on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Piper Sandler boosted their target price on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Wells Fargo & Company boosted their target price on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Finally, Daiwa America upgraded Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. 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 issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $94.64.

About Medtronic

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.