ProShare Advisors LLC Grows Position in Medtronic plc (NYSE:MDT)

ProShare Advisors LLC raised its position in shares of Medtronic plc (NYSE:MDT) by 8.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,381,830 shares of the medical technology company’s stock after buying an additional 181,183 shares during the quarter. ProShare Advisors LLC owned about 0.19% of Medtronic worth $187,474,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. LifeSteps Financial Inc. purchased a new position in Medtronic during the 1st quarter valued at approximately $27,000. Lynx Investment Advisory purchased a new position in Medtronic during the 2nd quarter valued at approximately $28,000. Tributary Capital Management LLC purchased a new position in Medtronic during the 1st quarter valued at approximately $33,000. Fortis Group Advisors LLC grew its holdings 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 buying an additional 230 shares in the last quarter. Finally, Riverview Trust Co purchased a new position in shares of Medtronic in the 1st quarter worth approximately $39,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Robert W. Baird lifted their target price on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Oppenheimer lifted their target price on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. Barclays lifted their target price on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Wells Fargo & Company lifted their target price on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Finally, Piper Sandler lifted their target price on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” 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 company’s stock. According to MarketBeat.com, Medtronic currently has an average rating of “Hold” and an average price target of $92.92.

Medtronic Price Performance

Shares of MDT stock opened at $89.34 on Friday. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.49. The stock has a market capitalization of $114.56 billion, a price-to-earnings ratio of 32.49, a P/E/G ratio of 2.57 and a beta of 0.84. The stock has a fifty day simple moving average of $84.77 and a two-hundred day simple moving average of $82.97. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last issued its 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. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same period in the prior year, the business earned $1.20 EPS. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. On average, analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.13%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend 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.