Bar Harbor Wealth Management Acquires 1,659 Shares of Medtronic plc (NYSE:MDT)

Bar Harbor Wealth Management boosted its holdings in Medtronic plc (NYSE:MDT) by 1.3% in the third quarter, Holdings Channel reports. The institutional investor owned 131,746 shares of the medical technology company’s stock after acquiring an additional 1,659 shares during the quarter. Bar Harbor Wealth Management’s holdings in Medtronic were worth $11,861,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Capital Research Global Investors raised its stake in Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock valued at $2,691,577,000 after purchasing an additional 2,044,109 shares in the last quarter. Pzena Investment Management LLC lifted its holdings in shares of Medtronic by 8.3% during the 2nd quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock worth $653,854,000 after acquiring an additional 637,931 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Medtronic by 7.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock worth $560,494,000 after acquiring an additional 515,751 shares during the last quarter. Longview Partners Guernsey LTD grew its position in Medtronic by 2.3% in the first quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company’s stock worth $578,245,000 after acquiring an additional 147,737 shares in the last quarter. Finally, Raymond James & Associates increased its stake in Medtronic by 5.7% in the second quarter. Raymond James & Associates now owns 6,246,361 shares of the medical technology company’s stock valued at $491,651,000 after acquiring an additional 336,618 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

MDT stock opened at $89.78 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The firm has a 50 day moving average price of $88.25 and a 200-day moving average price of $83.56. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $91.49. The firm has a market capitalization of $115.12 billion, a price-to-earnings ratio of 32.65, a PEG ratio of 2.53 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 (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter in the previous year, the business earned $1.20 earnings per share. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. Equities research analysts forecast that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.12%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is 101.82%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on MDT shares. Stifel Nicolaus lifted their price target on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Wells Fargo & Company upped their price target on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Evercore ISI raised their price target on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Finally, Oppenheimer upped their price objective on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target 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.