Wallington Asset Management LLC Boosts Stock Position in Medtronic plc (NYSE:MDT)

Wallington Asset Management LLC boosted its position in Medtronic plc (NYSE:MDT) by 5.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 193,129 shares of the medical technology company’s stock after buying an additional 9,694 shares during the period. Medtronic makes up about 2.4% of Wallington Asset Management LLC’s holdings, making the stock its 14th biggest position. Wallington Asset Management LLC’s holdings in Medtronic were worth $17,387,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Coston McIsaac & Partners raised its position in Medtronic by 2.9% in the third quarter. Coston McIsaac & Partners now owns 56,170 shares of the medical technology company’s stock worth $5,056,000 after acquiring an additional 1,580 shares in the last quarter. Commerzbank Aktiengesellschaft FI grew its stake in shares of Medtronic by 120.6% during the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 11,049 shares of the medical technology company’s stock worth $995,000 after purchasing an additional 6,041 shares during the period. Meadow Creek Wealth Advisors LLC increased its holdings in shares of Medtronic by 5.9% in the 3rd quarter. Meadow Creek Wealth Advisors LLC now owns 5,677 shares of the medical technology company’s stock valued at $511,000 after purchasing an additional 318 shares in the last quarter. GAM Holding AG boosted its holdings in Medtronic by 0.4% during the third quarter. GAM Holding AG now owns 109,330 shares of the medical technology company’s stock worth $9,843,000 after buying an additional 440 shares in the last quarter. Finally, RBA Wealth Management LLC grew its position in Medtronic by 12.3% during the third quarter. RBA Wealth Management LLC now owns 49,495 shares of the medical technology company’s stock worth $4,456,000 after buying an additional 5,429 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on MDT. Barclays lifted their price target on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Stifel Nicolaus raised their price target on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. Wells Fargo & Company increased their price objective on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Medtronic presently has an average rating of “Hold” and a consensus price target of $95.36.

Medtronic Stock Up 1.3 %

MDT opened at $92.27 on Thursday. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $92.39. The business has a 50-day moving average of $89.04 and a two-hundred day moving average of $83.74. 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 $118.32 billion, a price-to-earnings ratio of 33.55, a price-to-earnings-growth ratio of 2.53 and a beta of 0.84.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The firm had revenue of $7.97 billion during 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%. Medtronic’s revenue was up 3.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.20 earnings per share. On average, research analysts expect that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date was Friday, September 27th. Medtronic’s payout ratio is currently 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.