Avidian Wealth Enterprises LLC Has $1.23 Million Stock Position in Medtronic plc (NYSE:MDT)

Avidian Wealth Enterprises LLC increased its stake in shares of Medtronic plc (NYSE:MDT) by 10.3% in the third quarter, Holdings Channel reports. The firm owned 13,629 shares of the medical technology company’s stock after buying an additional 1,273 shares during the quarter. Avidian Wealth Enterprises LLC’s holdings in Medtronic were worth $1,227,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Fortitude Family Office LLC bought a new stake in shares of Medtronic in the 3rd quarter valued at about $27,000. Highline Wealth Partners LLC acquired a new position in Medtronic during the third quarter valued at approximately $27,000. Lynx Investment Advisory bought a new stake in Medtronic in the second quarter valued at approximately $28,000. Gleason Group Inc. bought a new stake in Medtronic in the second quarter valued at approximately $42,000. Finally, Opal Wealth Advisors LLC acquired a new stake in Medtronic in the second quarter worth $43,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Up 0.5 %

Medtronic stock opened at $90.09 on Thursday. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. Medtronic plc has a 1-year low of $69.32 and a 1-year high of $92.68. The company has a fifty day simple moving average of $89.69 and a 200 day simple moving average of $84.38. The company has a market cap of $115.54 billion, a P/E ratio of 30.44, a price-to-earnings-growth ratio of 2.55 and a beta of 0.84.

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

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio is currently 94.59%.

Wall Street Analysts Forecast Growth

MDT has been the subject of several research analyst reports. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and boosted their price target for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Barclays boosted their target price on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Daiwa America raised Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Citigroup boosted their price objective on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. Finally, Truist Financial raised their target price on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a report on Monday, October 14th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus target price of $95.36.

About Medtronic

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.