Everett Harris & Co. CA Raises Position in Medtronic plc (NYSE:MDT)

Everett Harris & Co. CA lifted its stake in shares of Medtronic plc (NYSE:MDT) by 1.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 48,799 shares of the medical technology company’s stock after purchasing an additional 600 shares during the period. Everett Harris & Co. CA’s holdings in Medtronic were worth $4,393,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of MDT. Lynx Investment Advisory purchased a new position in Medtronic in the 2nd quarter valued at approximately $28,000. Tributary Capital Management LLC purchased a new position in Medtronic in the 1st quarter valued at approximately $33,000. Riverview Trust Co purchased a new position in Medtronic in the 1st quarter valued at approximately $39,000. Gleason Group Inc. purchased a new position in Medtronic in the 2nd quarter valued at approximately $42,000. Finally, Opal Wealth Advisors LLC purchased a new position in Medtronic in the 2nd quarter valued at approximately $43,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Stifel Nicolaus raised their price target on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. Citigroup raised their price target on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. Wells Fargo & Company raised 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. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. Finally, Truist Financial lifted their price objective 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 equities 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 stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $95.36.

Medtronic Trading Up 2.7 %

NYSE:MDT traded up $2.45 during trading hours on Friday, reaching $92.24. The company’s stock had a trading volume of 7,355,589 shares, compared to its average volume of 6,255,872. The firm has a market capitalization of $118.28 billion, a price-to-earnings ratio of 33.54, a PEG ratio of 2.53 and a beta of 0.84. The firm has a 50-day simple moving average of $88.45 and a 200-day simple moving average of $83.60. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $92.25. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13.

Medtronic (NYSE:MDT) last issued its 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 company had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter last year, the company earned $1.20 EPS. The firm’s revenue was up 3.4% compared to the same quarter last year. Research 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. Shareholders of record on Friday, September 27th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s payout ratio is 101.82%.

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.