Advocate Group LLC Acquires 4,576 Shares of Medtronic plc (NYSE:MDT)

Advocate Group LLC lifted its holdings in shares of Medtronic plc (NYSE:MDT) by 4.7% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 101,879 shares of the medical technology company’s stock after buying an additional 4,576 shares during the period. Medtronic comprises about 1.7% of Advocate Group LLC’s portfolio, making the stock its 17th biggest holding. Advocate Group LLC’s holdings in Medtronic were worth $9,172,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Lynx Investment Advisory acquired a new stake in Medtronic during the 2nd quarter worth approximately $28,000. Tributary Capital Management LLC bought a new stake in shares of Medtronic in the first quarter worth $33,000. Fortis Group Advisors LLC increased its holdings in Medtronic by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after purchasing an additional 230 shares during the period. Riverview Trust Co acquired a new position in Medtronic during the 1st quarter worth about $39,000. Finally, Gleason Group Inc. acquired a new position in Medtronic during the 2nd quarter worth about $42,000. 82.06% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on MDT shares. Daiwa America upgraded Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. Evercore ISI raised 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. Finally, Oppenheimer increased their price target on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $95.14.

Medtronic Stock Up 1.0 %

NYSE MDT traded up $0.86 during trading hours on Thursday, hitting $89.21. The company’s stock had a trading volume of 420,281 shares, compared to its average volume of 6,284,998. 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 company’s 50-day simple moving average is $87.22 and its two-hundred day simple moving average is $83.38. The company has a market capitalization of $114.39 billion, a PE ratio of 32.13, a price-to-earnings-growth 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 quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The company had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. Medtronic’s revenue was up 3.4% on a year-over-year basis. During the same period last year, the business posted $1.20 earnings per share. Research analysts anticipate that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date is Friday, September 27th. Medtronic’s payout ratio is 101.82%.

Medtronic 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.