Federated Hermes Inc. Increases Stock Position in Medtronic plc (NYSE:MDT)

Federated Hermes Inc. increased its holdings in shares of Medtronic plc (NYSE:MDT) by 5.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 195,324 shares of the medical technology company’s stock after acquiring an additional 10,586 shares during the period. Federated Hermes Inc.’s holdings in Medtronic were worth $15,374,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of MDT. LifeSteps Financial Inc. purchased a new stake in shares of Medtronic in the 1st quarter worth approximately $27,000. Lynx Investment Advisory purchased a new stake in shares of Medtronic in the second quarter worth $28,000. Tributary Capital Management LLC bought a new position in shares of Medtronic during the first quarter valued at $33,000. Fortis Group Advisors LLC raised its position in shares of Medtronic by 100.0% in the 4th 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, Riverview Trust Co bought a new position in Medtronic in the 1st quarter worth about $39,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Up 0.1 %

Shares of MDT stock opened at $90.11 on Tuesday. The company has a market capitalization of $115.55 billion, a price-to-earnings ratio of 32.77, a PEG ratio of 2.57 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 company’s fifty day moving average price is $83.86 and its 200-day moving average price is $82.84. Medtronic plc has a one year low of $68.84 and a one year high of $91.49.

Medtronic (NYSE:MDT) last announced its quarterly earnings data 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 business had revenue of $7.97 billion for 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%. The business’s revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.20 earnings per share. Sell-side analysts expect that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business 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 $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.11%. The ex-dividend date is Friday, September 27th. Medtronic’s payout ratio is currently 101.82%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on MDT shares. Robert W. Baird lifted their target price on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research report on Wednesday, August 21st. Truist Financial lifted their target price on Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a report on Friday, August 23rd. Citigroup lowered their price target on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Finally, Oppenheimer lifted their price objective on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. One equities research 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 stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $92.92.

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.