Spinnaker Trust Has $2.23 Million Stock Position in Medtronic plc (NYSE:MDT)

Spinnaker Trust grew its position in shares of Medtronic plc (NYSE:MDT) by 0.7% in the 3rd quarter, Holdings Channel reports. The firm owned 24,808 shares of the medical technology company’s stock after acquiring an additional 162 shares during the quarter. Spinnaker Trust’s holdings in Medtronic were worth $2,233,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Fortitude Family Office LLC acquired a new stake in Medtronic during the 3rd quarter worth about $27,000. Highline Wealth Partners LLC acquired a new stake in Medtronic during the third quarter worth approximately $27,000. Lynx Investment Advisory bought a new stake in Medtronic in the second quarter worth approximately $28,000. Gleason Group Inc. acquired a new position in Medtronic in the second quarter valued at approximately $42,000. Finally, Opal Wealth Advisors LLC acquired a new position in shares of Medtronic during the 2nd quarter valued at $43,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on MDT shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Friday, October 25th. Piper Sandler lifted their target price on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Daiwa America raised Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Evercore ISI increased their price objective on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Finally, Robert W. Baird boosted their target price on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Medtronic has an average rating of “Hold” and a consensus target price of $95.36.

Medtronic Price Performance

NYSE MDT traded down $0.26 during trading on Wednesday, reaching $89.42. The company’s stock had a trading volume of 1,331,132 shares, compared to its average volume of 6,166,881. Medtronic plc has a one year low of $69.32 and a one year 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 stock has a market capitalization of $114.68 billion, a PE ratio of 30.21, a P/E/G ratio of 2.57 and a beta of 0.84. The firm has a fifty day moving average of $89.66 and a 200 day moving average of $84.34.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping 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 firm had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same quarter in the prior year, the firm earned $1.20 EPS. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. Analysts expect that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s payout ratio is currently 94.59%.

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.