BluePath Capital Management LLC Increases Stock Position in Medtronic plc (NYSE:MDT)

BluePath Capital Management LLC boosted its stake in Medtronic plc (NYSE:MDT) by 24.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,681 shares of the medical technology company’s stock after purchasing an additional 1,900 shares during the quarter. BluePath Capital Management LLC’s holdings in Medtronic were worth $872,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of MDT. Fortitude Family Office LLC purchased a new stake in Medtronic in the third quarter valued at approximately $27,000. Highline Wealth Partners LLC purchased a new stake in Medtronic in the third quarter valued at approximately $27,000. Lynx Investment Advisory purchased a new stake in Medtronic in the second quarter valued at approximately $28,000. Gleason Group Inc. purchased a new position in shares of Medtronic during the second quarter worth approximately $42,000. Finally, Opal Wealth Advisors LLC purchased a new position in shares of Medtronic during the second quarter worth approximately $43,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on MDT shares. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Evercore ISI upped their price target on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Piper Sandler upped 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. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Finally, Barclays upped their price target on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, eight have given 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, the stock currently has an average rating of “Hold” and a consensus target price of $95.36.

Medtronic Price Performance

NYSE MDT opened at $90.07 on Friday. Medtronic plc has a 52 week low of $69.32 and a 52 week high of $92.68. The firm has a market capitalization of $115.51 billion, a P/E ratio of 30.43, a PEG ratio of 2.59 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The company has a 50-day moving average price of $89.64 and a 200-day moving average price of $84.13.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating the consensus estimate 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 during 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. Equities research analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were paid a dividend of $0.70 per share. The ex-dividend date was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. Medtronic’s dividend payout ratio (DPR) is presently 94.59%.

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.