Future Financial Wealth Managment LLC Takes Position in Medtronic plc (NYSE:MDT)

Future Financial Wealth Managment LLC acquired a new position in Medtronic plc (NYSE:MDT) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,425 shares of the medical technology company’s stock, valued at approximately $128,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Capital Research Global Investors boosted its position in Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after purchasing an additional 2,044,109 shares during the last quarter. Pzena Investment Management LLC boosted its position in shares of Medtronic by 8.3% during the second quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock valued at $653,854,000 after purchasing an additional 637,931 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Medtronic by 7.8% during the second quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock valued at $560,494,000 after buying an additional 515,751 shares during the last quarter. Longview Partners Guernsey LTD raised its stake in shares of Medtronic by 2.3% in the first quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company’s stock worth $578,245,000 after purchasing an additional 147,737 shares during the last quarter. Finally, Raymond James & Associates increased its position in Medtronic by 5.7% during the second quarter. Raymond James & Associates now owns 6,246,361 shares of the medical technology company’s stock valued at $491,651,000 after acquiring an additional 336,618 shares during the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Trading Up 1.3 %

MDT stock opened at $88.14 on Wednesday. The company 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 company’s 50-day simple moving average is $87.06 and its 200 day simple moving average is $83.35. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.49. 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 (NYSE:MDT) last issued its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same period last year, the company earned $1.20 earnings per share. The business’s revenue was up 3.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

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

Analyst Ratings Changes

A number of research firms recently commented on MDT. Oppenheimer boosted their target price on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. Robert W. Baird raised their price objective on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Barclays lifted their price objective on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Citigroup lifted their price objective on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. Finally, Piper Sandler lifted their price target on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price 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.