Beaton Management Co. Inc. Acquires 190 Shares of Medtronic plc (NYSE:MDT)

Beaton Management Co. Inc. increased its holdings in shares of Medtronic plc (NYSE:MDT) by 6.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,968 shares of the medical technology company’s stock after purchasing an additional 190 shares during the quarter. Beaton Management Co. Inc.’s holdings in Medtronic were worth $234,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. LifeSteps Financial Inc. bought a new position in shares of Medtronic in the first quarter valued at $27,000. Lynx Investment Advisory acquired a new position in shares of Medtronic during the 2nd quarter worth about $28,000. Tributary Capital Management LLC acquired a new stake in Medtronic in the 1st quarter valued at about $33,000. Fortis Group Advisors LLC grew its holdings in Medtronic by 100.0% during the fourth 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 period. Finally, Riverview Trust Co acquired a new position in Medtronic during the first quarter worth approximately $39,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of NYSE MDT opened at $89.47 on Friday. The business has a fifty day moving average price of $84.55 and a two-hundred day moving average price of $82.96. The stock has a market capitalization of $114.72 billion, a PE ratio of 32.53, a P/E/G 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. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week 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, beating analysts’ consensus estimates of $1.20 by $0.03. The business 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 for the quarter was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.20 earnings per share. As a group, equities analysts predict that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be paid 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 yield of 3.13%. Medtronic’s dividend payout ratio (DPR) is 101.82%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on MDT shares. Piper Sandler lifted 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. Truist Financial lifted their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research report on Friday, August 23rd. Wells Fargo & Company increased their price objective on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Finally, Stifel Nicolaus increased their price target on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Medtronic has a consensus rating of “Hold” and a consensus price target of $92.92.

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.