Granite Bay Wealth Management LLC Takes $516,000 Position in Medtronic plc (NYSE:MDT)

Granite Bay Wealth Management LLC acquired a new stake in shares of Medtronic plc (NYSE:MDT) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 6,300 shares of the medical technology company’s stock, valued at approximately $516,000.

Other large investors have also made changes to their positions in the company. LifeSteps Financial Inc. acquired a new position in shares of Medtronic during the first quarter valued at about $27,000. Lynx Investment Advisory acquired a new position in Medtronic in the second quarter worth about $28,000. Tributary Capital Management LLC acquired a new position in Medtronic in the first quarter worth about $33,000. Riverview Trust Co acquired a new position in Medtronic in the first quarter worth about $39,000. Finally, Fortis Group Advisors LLC raised its position in Medtronic by 100.0% in 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 in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Wells Fargo & Company increased their price target 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. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. Robert W. Baird increased their price target on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Finally, Oppenheimer increased their price target on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus price target of $94.21.

Medtronic Price Performance

MDT opened at $89.99 on Wednesday. Medtronic plc has a one year low of $68.84 and a one year high of $91.49. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The company’s 50 day simple moving average is $86.21 and its 200-day simple moving average is $83.19. The stock has a market capitalization of $115.39 billion, a P/E ratio of 32.72, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84.

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 the consensus estimate of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. During the same period in the prior year, the firm earned $1.20 earnings per share. Medtronic’s revenue was up 3.4% compared to the same quarter last year. Sell-side analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.11%. Medtronic’s dividend payout ratio is currently 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.