Franklin Street Advisors Inc. NC Increases Stock Holdings in Medtronic plc (NYSE:MDT)

Franklin Street Advisors Inc. NC lifted its stake in shares of Medtronic plc (NYSE:MDT) by 80.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 55,460 shares of the medical technology company’s stock after buying an additional 24,780 shares during the period. Franklin Street Advisors Inc. NC’s holdings in Medtronic were worth $4,993,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. San Luis Wealth Advisors LLC increased its stake in Medtronic by 126.8% in the 3rd quarter. San Luis Wealth Advisors LLC now owns 7,416 shares of the medical technology company’s stock worth $668,000 after acquiring an additional 4,146 shares during the last quarter. Strategic Advisors LLC boosted its holdings in Medtronic by 0.6% during the 3rd quarter. Strategic Advisors LLC now owns 33,438 shares of the medical technology company’s stock valued at $3,010,000 after acquiring an additional 215 shares during the period. Advocate Group LLC boosted its holdings in Medtronic by 4.7% during the 3rd quarter. Advocate Group LLC now owns 101,879 shares of the medical technology company’s stock valued at $9,172,000 after acquiring an additional 4,576 shares during the period. Atlas Private Wealth Advisors raised its position in Medtronic by 10.8% during the 3rd quarter. Atlas Private Wealth Advisors now owns 11,898 shares of the medical technology company’s stock valued at $1,071,000 after purchasing an additional 1,164 shares during the last quarter. Finally, TL Private Wealth bought a new position in Medtronic during the 3rd quarter valued at approximately $214,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of NYSE:MDT traded up $0.18 on Friday, reaching $89.03. The company’s stock had a trading volume of 163,389 shares, compared to its average volume of 6,268,135. The stock’s 50-day moving average is $87.39 and its two-hundred day moving average is $83.42. Medtronic plc has a 52-week low of $68.84 and a 52-week 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 stock has a market capitalization of $114.18 billion, a P/E ratio of 30.02, a PEG ratio of 2.53 and a beta of 0.84.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same period in the prior year, the company posted $1.20 earnings per share. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. As a group, sell-side analysts forecast that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The company 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 is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.15%. Medtronic’s dividend payout ratio (DPR) is currently 94.59%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MDT. Truist Financial increased 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. Citigroup raised their price target on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Piper Sandler lifted their target price on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Oppenheimer raised their price target on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. Finally, Barclays lifted their target price on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Medtronic currently has an average rating of “Hold” and a consensus price target of $95.14.

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.