Brown Financial Advisors Buys New Shares in Medtronic plc (NYSE:MDT)

Brown Financial Advisors bought a new stake in shares of Medtronic plc (NYSE:MDT) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 22,284 shares of the medical technology company’s stock, valued at approximately $1,754,000.

A number of other institutional investors also recently modified their holdings of MDT. M&G Plc acquired a new position in shares of Medtronic during the 1st quarter valued at $259,160,000. Capital Research Global Investors lifted its position in shares of Medtronic by 7.1% during the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock valued at $2,691,577,000 after acquiring an additional 2,044,109 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its position in shares of Medtronic by 145.4% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,372,641 shares of the medical technology company’s stock valued at $195,431,000 after acquiring an additional 1,405,978 shares during the period. Hotchkis & Wiley Capital Management LLC lifted its position in shares of Medtronic by 26.8% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 6,237,032 shares of the medical technology company’s stock valued at $513,807,000 after acquiring an additional 1,318,590 shares during the period. Finally, Troy Asset Management Ltd acquired a new position in shares of Medtronic during the 2nd quarter valued at $85,440,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MDT. Citigroup boosted their target price on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and boosted their price target for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. Barclays boosted their price target on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Evercore ISI upped their target price on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday. Finally, Piper Sandler upped their target price on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Medtronic has an average rating of “Hold” and a consensus target price of $94.21.

Medtronic Price Performance

Shares of NYSE:MDT opened at $89.99 on Wednesday. The company’s 50-day moving average is $86.21 and its 200 day moving average is $83.19. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The company 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 plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.49.

Medtronic (NYSE:MDT) last released its quarterly earnings data 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. The business had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company’s revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.20 earnings per share. On average, equities research analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

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