Saxon Interests Inc. Acquires 1,665 Shares of Medtronic plc (NYSE:MDT)

Saxon Interests Inc. grew its holdings in Medtronic plc (NYSE:MDT) by 16.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,848 shares of the medical technology company’s stock after acquiring an additional 1,665 shares during the quarter. Saxon Interests Inc.’s holdings in Medtronic were worth $1,067,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Lynx Investment Advisory acquired a new position in Medtronic in the 2nd quarter worth $28,000. Tributary Capital Management LLC bought a new stake in shares of Medtronic in the first quarter valued at about $33,000. Fortis Group Advisors LLC boosted its position 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 worth $38,000 after buying an additional 230 shares during the period. Riverview Trust Co bought a new position in shares of Medtronic during the first quarter worth about $39,000. Finally, Gleason Group Inc. acquired a new stake in Medtronic in the 2nd quarter valued at approximately $42,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of NYSE MDT traded down $0.27 during midday trading on Wednesday, reaching $87.87. 556,797 shares of the company were exchanged, compared to its average volume of 6,303,495. The stock’s 50-day moving average price is $87.06 and its 200-day moving average price is $83.35. The stock has a market cap of $112.67 billion, a P/E ratio of 32.05, a PEG ratio of 2.56 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. Medtronic plc has a one year low of $68.84 and a one year high of $91.49.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter in the prior year, the firm earned $1.20 EPS. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.19%. Medtronic’s dividend payout ratio is presently 101.82%.

Analyst Ratings Changes

Several brokerages have recently weighed in on MDT. Piper Sandler raised 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. Evercore ISI raised their target price on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Oppenheimer boosted 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. Wells Fargo & Company raised their price objective on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Finally, Citigroup upped their target price on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Medtronic presently has an average rating of “Hold” and a consensus price target of $94.64.

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.