Bridges Investment Management Inc. Purchases New Position in Medtronic plc (NYSE:MDT)

Bridges Investment Management Inc. acquired a new stake in shares of Medtronic plc (NYSE:MDT) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 36,890 shares of the medical technology company’s stock, valued at approximately $2,904,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Gryphon Financial Partners LLC bought a new position in Medtronic during the 4th quarter worth $220,000. CreativeOne Wealth LLC grew its holdings in Medtronic by 52.4% during the 4th quarter. CreativeOne Wealth LLC now owns 4,156 shares of the medical technology company’s stock worth $342,000 after acquiring an additional 1,429 shares during the period. Cambridge Investment Research Advisors Inc. raised its position in shares of Medtronic by 4.1% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 192,382 shares of the medical technology company’s stock worth $15,848,000 after acquiring an additional 7,543 shares in the last quarter. SageView Advisory Group LLC lifted its stake in shares of Medtronic by 59.3% in the 4th quarter. SageView Advisory Group LLC now owns 7,306 shares of the medical technology company’s stock valued at $635,000 after purchasing an additional 2,721 shares during the period. Finally, TCW Group Inc. grew its stake in Medtronic by 3.8% during the fourth quarter. TCW Group Inc. now owns 78,425 shares of the medical technology company’s stock worth $6,468,000 after purchasing an additional 2,869 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

MDT has been the subject of several recent analyst reports. Wells Fargo & Company raised their price objective on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Oppenheimer lifted their price target on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. Stifel Nicolaus raised their target price on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research note on Wednesday, August 21st. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $92.92.

Medtronic Price Performance

Shares of NYSE:MDT opened at $89.35 on Friday. The company has a 50-day moving average price of $84.77 and a two-hundred day moving average price of $82.99. The firm has a market capitalization of $114.57 billion, a PE ratio of 32.49, a P/E/G ratio of 2.57 and a beta of 0.84. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.49. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping 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%. The business’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.20 earnings per share. Equities analysts forecast that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The company also recently announced 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 is presently 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.