Perkins Coie Trust Co Increases Stock Position in Medtronic plc (NYSE:MDT)

Perkins Coie Trust Co increased its position in Medtronic plc (NYSE:MDT) by 0.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 38,978 shares of the medical technology company’s stock after purchasing an additional 348 shares during the quarter. Perkins Coie Trust Co’s holdings in Medtronic were worth $3,509,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Lynx Investment Advisory purchased a new position in shares of Medtronic in the second quarter valued at $28,000. Tributary Capital Management LLC bought a new position in Medtronic during the 1st quarter valued at $33,000. Riverview Trust Co bought a new position in Medtronic during the 1st quarter valued at $39,000. Fortis Group Advisors LLC boosted its stake in Medtronic by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after acquiring an additional 230 shares during the last quarter. Finally, Gleason Group Inc. bought a new position in Medtronic during the 2nd quarter valued at $42,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of MDT stock traded down $0.30 during trading hours on Wednesday, reaching $87.84. The stock had a trading volume of 325,103 shares, compared to its average volume of 6,302,193. The firm has a market capitalization of $112.63 billion, a PE ratio of 32.05, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The firm has a 50-day simple moving average of $87.06 and a 200-day simple moving average of $83.35. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.49.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.20 by $0.03. The firm 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%. Medtronic’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the company earned $1.20 EPS. As a group, equities analysts forecast 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. Investors of record on Friday, September 27th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.19%. Medtronic’s payout ratio is currently 101.82%.

Analyst Upgrades and Downgrades

MDT has been the topic of a number of research analyst reports. Truist Financial increased their price objective on shares of Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research note on Friday, August 23rd. Barclays increased 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. Stifel Nicolaus raised their price target on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Finally, Robert W. Baird raised their price target 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. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Medtronic has an average rating of “Hold” and a consensus price target 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.