Bank of Montreal Can Raises Stock Holdings in Medtronic plc (NYSE:MDT)

Bank of Montreal Can raised its stake in Medtronic plc (NYSE:MDT) by 0.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,756,336 shares of the medical technology company’s stock after purchasing an additional 22,240 shares during the period. Bank of Montreal Can owned 0.21% of Medtronic worth $234,068,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in MDT. LifeSteps Financial Inc. purchased a new stake in shares of Medtronic during the 1st quarter valued at $27,000. Lynx Investment Advisory purchased a new stake in Medtronic in the second quarter valued at about $28,000. Tributary Capital Management LLC acquired a new stake in Medtronic in the first quarter worth about $33,000. Riverview Trust Co purchased a new stake in shares of Medtronic during the first quarter worth about $39,000. Finally, Fortis Group Advisors LLC increased its holdings in shares of Medtronic by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after acquiring an additional 230 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Performance

Shares of MDT stock opened at $89.86 on Tuesday. 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 plc has a 12-month low of $68.84 and a 12-month high of $91.49. The business’s 50 day moving average is $85.03 and its two-hundred day moving average is $82.99. The company has a market capitalization of $115.22 billion, a P/E ratio of 32.68, a P/E/G ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The firm had revenue of $7.97 billion for the quarter, compared to analyst estimates 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 quarter last year, the firm posted $1.20 EPS. Analysts expect that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared 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. This represents a $2.80 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio is presently 101.82%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on MDT shares. Barclays raised their target price on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. 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. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. Finally, Oppenheimer upped their price objective on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $92.92.

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.