Capital Performance Advisors LLP Acquires New Position in Medtronic plc (NYSE:MDT)

Capital Performance Advisors LLP bought a new position in Medtronic plc (NYSE:MDT) during the third quarter, according to its most recent Form 13F filing with the SEC. The firm bought 2,757 shares of the medical technology company’s stock, valued at approximately $248,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. GSA Capital Partners LLP boosted its stake in Medtronic by 73.0% during the first quarter. GSA Capital Partners LLP now owns 4,945 shares of the medical technology company’s stock worth $431,000 after buying an additional 2,086 shares during the period. Envestnet Portfolio Solutions Inc. raised its position in Medtronic by 0.8% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 181,073 shares of the medical technology company’s stock valued at $15,781,000 after purchasing an additional 1,384 shares during the period. Quantbot Technologies LP purchased a new stake in Medtronic in the first quarter valued at approximately $904,000. Empowered Funds LLC lifted its stake in Medtronic by 174.9% during the first quarter. Empowered Funds LLC now owns 74,903 shares of the medical technology company’s stock worth $6,528,000 after purchasing an additional 47,657 shares in the last quarter. Finally, Brooklyn Investment Group grew its stake in shares of Medtronic by 16.1% in the first quarter. Brooklyn Investment Group now owns 3,553 shares of the medical technology company’s stock valued at $309,000 after buying an additional 494 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Up 0.4 %

Shares of Medtronic stock traded up $0.34 during trading hours on Friday, hitting $88.46. The company had a trading volume of 1,198,844 shares, compared to its average volume of 6,170,999. The company’s 50-day moving average is $89.69 and its two-hundred day moving average is $84.38. Medtronic plc has a twelve month low of $69.32 and a twelve month high of $92.68. 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 company has a market cap of $113.45 billion, a P/E ratio of 29.77, a price-to-earnings-growth ratio of 2.55 and a beta of 0.84.

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

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.17%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio is presently 94.59%.

Analyst Ratings Changes

Several research firms have recently commented on MDT. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Piper Sandler boosted their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Friday, October 25th. Evercore ISI lifted their target price on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Finally, Oppenheimer upped their price target on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. One research 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. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average 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.