Edgestream Partners L.P. Takes Position in Medtronic plc (NYSE:MDT)

Edgestream Partners L.P. purchased a new stake in Medtronic plc (NYSE:MDT) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 3,032 shares of the medical technology company’s stock, valued at approximately $239,000.

Several other hedge funds also recently made changes to their positions in MDT. LifeSteps Financial Inc. purchased a new position in Medtronic during the first quarter worth about $27,000. Lynx Investment Advisory purchased a new position in Medtronic during the second quarter worth about $28,000. Tributary Capital Management LLC purchased a new position in Medtronic during the first quarter worth about $33,000. Fortis Group Advisors LLC grew its position 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 buying an additional 230 shares in the last quarter. Finally, Riverview Trust Co purchased a new position in Medtronic during the first quarter worth about $39,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Daiwa America upgraded Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. Stifel Nicolaus upped their price objective on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Barclays upped their price objective on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Finally, Robert W. Baird upped their price objective on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $92.92.

Medtronic Trading Up 0.6 %

MDT opened at $89.86 on Tuesday. The business has a 50 day simple moving average of $85.03 and a two-hundred day simple moving average of $82.99. The firm has a market capitalization of $115.22 billion, a price-to-earnings ratio of 32.68, 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. Medtronic plc has a one year low of $68.84 and a one year high of $91.49.

Medtronic (NYSE:MDT) last released 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 analyst estimates of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. Medtronic’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.20 EPS. Analysts predict that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s payout ratio is 101.82%.

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.