NorthRock Partners LLC Raises Holdings in Medtronic plc (NYSE:MDT)

NorthRock Partners LLC boosted its stake in shares of Medtronic plc (NYSE:MDT) by 7.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,766 shares of the medical technology company’s stock after buying an additional 266 shares during the period. NorthRock Partners LLC’s holdings in Medtronic were worth $339,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fortitude Family Office LLC acquired a new position in Medtronic during the third quarter worth $27,000. Highline Wealth Partners LLC acquired a new position in Medtronic during the third quarter worth $27,000. Lynx Investment Advisory acquired a new position in Medtronic during the second quarter worth $28,000. Gleason Group Inc. acquired a new position in Medtronic during the second quarter worth $42,000. Finally, Opal Wealth Advisors LLC acquired a new position in Medtronic during the second quarter worth $43,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Price Performance

MDT stock opened at $89.68 on Wednesday. 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 capitalization of $115.01 billion, a PE ratio of 30.30, a P/E/G ratio of 2.57 and a beta of 0.84. Medtronic plc has a 12-month low of $69.32 and a 12-month high of $92.68. The business’s fifty day moving average price is $89.66 and its 200 day moving average price is $84.34.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.20 EPS. On average, sell-side analysts anticipate that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.12%. Medtronic’s dividend payout ratio (DPR) is 94.59%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Robert W. Baird boosted their price objective on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Friday, October 25th. Citigroup upped their price target on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. Finally, Stifel Nicolaus upped their price target on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $95.36.

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.