Cascade Investment Advisors Inc. Purchases 840 Shares of Medtronic plc (NYSE:MDT)

Cascade Investment Advisors Inc. boosted its position in shares of Medtronic plc (NYSE:MDT) by 4.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 21,884 shares of the medical technology company’s stock after buying an additional 840 shares during the quarter. Medtronic makes up about 1.3% of Cascade Investment Advisors Inc.’s holdings, making the stock its 25th biggest holding. Cascade Investment Advisors Inc.’s holdings in Medtronic were worth $1,970,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MDT. LifeSteps Financial Inc. bought a new position in Medtronic in the 1st quarter worth $27,000. Lynx Investment Advisory bought a new position in Medtronic in the 2nd quarter worth $28,000. Tributary Capital Management LLC bought a new position in Medtronic in the 1st quarter worth $33,000. Fortis Group Advisors LLC raised its holdings in Medtronic by 100.0% in the 4th 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. Finally, Riverview Trust Co bought a new position in Medtronic in the 1st quarter worth $39,000. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Performance

Shares of MDT stock opened at $89.10 on Thursday. Medtronic plc has a one year low of $68.84 and a one year high of $91.49. The company’s 50-day moving average is $86.39 and its 200 day moving average is $83.23. The company has a market capitalization of $114.25 billion, a price-to-earnings ratio of 32.40, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13.

Medtronic (NYSE:MDT) last announced 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. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same period in the prior year, the firm posted $1.20 EPS. Medtronic’s revenue for the quarter was up 3.4% on a year-over-year basis. Sell-side analysts expect that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date is Friday, September 27th. Medtronic’s payout ratio is presently 101.82%.

Analyst Ratings Changes

MDT has been the subject of several research reports. Evercore ISI upped their price objective on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday. Stifel Nicolaus upped their price objective on shares of 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 shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. 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 note on Wednesday, August 21st. Finally, Piper Sandler increased their price target 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 research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $94.21.

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.