Two Sigma Advisers LP Grows Position in Medtronic plc (NYSE:MDT)

Two Sigma Advisers LP boosted its position in shares of Medtronic plc (NYSE:MDT) by 131.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 333,220 shares of the medical technology company’s stock after purchasing an additional 189,088 shares during the period. Two Sigma Advisers LP’s holdings in Medtronic were worth $30,000,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Olstein Capital Management L.P. raised its holdings in shares of Medtronic by 19.2% in the third quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock worth $7,833,000 after buying an additional 14,000 shares during the period. Ferguson Wellman Capital Management Inc. purchased a new stake in Medtronic in the third quarter worth $9,486,000. Harvest Portfolios Group Inc. increased its stake in Medtronic by 6.5% in the third quarter. Harvest Portfolios Group Inc. now owns 689,131 shares of the medical technology company’s stock worth $62,042,000 after purchasing an additional 42,112 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in shares of Medtronic by 6.3% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 368,682 shares of the medical technology company’s stock worth $29,019,000 after purchasing an additional 21,995 shares during the last quarter. Finally, Arkadios Wealth Advisors boosted its stake in shares of Medtronic by 22.6% during the third quarter. Arkadios Wealth Advisors now owns 60,725 shares of the medical technology company’s stock valued at $5,467,000 after purchasing an additional 11,178 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Down 0.2 %

Shares of Medtronic stock opened at $84.01 on Friday. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $92.68. The firm’s 50 day moving average price is $88.25 and its 200-day moving average price is $84.99. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The company has a market cap of $107.73 billion, a P/E ratio of 25.69, a PEG ratio of 2.42 and a beta of 0.82.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.25 earnings per share. On average, sell-side analysts predict that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 27th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.33%. The ex-dividend date is Friday, December 27th. Medtronic’s dividend payout ratio is presently 85.63%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MDT. Oppenheimer lifted their price objective on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. Truist Financial lifted their price target on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday, October 14th. Citigroup increased their price objective on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Stifel Nicolaus lifted their target price on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. Finally, Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Medtronic presently has a consensus rating of “Hold” and an average target price of $95.27.

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.