Moors & Cabot Inc. Raises Stock Holdings in Medtronic plc (NYSE:MDT)

Moors & Cabot Inc. grew its holdings in Medtronic plc (NYSE:MDT) by 6.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 66,472 shares of the medical technology company’s stock after acquiring an additional 4,183 shares during the period. Moors & Cabot Inc.’s holdings in Medtronic were worth $5,232,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in MDT. Renaissance Technologies LLC increased its holdings in Medtronic by 32.1% in the 2nd quarter. Renaissance Technologies LLC now owns 636,341 shares of the medical technology company’s stock worth $50,086,000 after acquiring an additional 154,700 shares in the last quarter. Citizens Financial Group Inc. RI increased its stake in Medtronic by 243.0% during the second quarter. Citizens Financial Group Inc. RI now owns 12,068 shares of the medical technology company’s stock worth $950,000 after acquiring an additional 8,550 shares during the last quarter. One Capital Management LLC purchased a new stake in Medtronic in the 2nd quarter valued at about $245,000. Dimensional Fund Advisors LP lifted its holdings in shares of Medtronic by 7.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock worth $560,494,000 after acquiring an additional 515,751 shares during the last quarter. Finally, Bcwm LLC grew its stake in shares of Medtronic by 3.3% in the second quarter. Bcwm LLC now owns 113,667 shares of the medical technology company’s stock valued at $8,947,000 after buying an additional 3,601 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of MDT stock opened at $90.11 on Tuesday. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The company has a market cap of $115.55 billion, a PE ratio of 32.77, a P/E/G ratio of 2.57 and a beta of 0.84. The company’s fifty day simple moving average is $83.86 and its 200-day simple moving average is $82.84. Medtronic plc has a 52 week low of $68.84 and a 52 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. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same period last year, the company posted $1.20 earnings per share. The firm’s revenue was up 3.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.11%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is 101.82%.

Wall Street Analyst Weigh In

MDT has been the topic of a number of analyst reports. Robert W. Baird increased their price target on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Wells Fargo & Company boosted their target price on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and upped their price target for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Truist Financial boosted their target price on Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research report on Friday, August 23rd. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $92.92.

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.