Medtronic plc (NYSE:MDT) Stock Holdings Raised by Harvest Portfolios Group Inc.

Harvest Portfolios Group Inc. boosted its position in shares of Medtronic plc (NYSE:MDT) by 6.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 689,131 shares of the medical technology company’s stock after acquiring an additional 42,112 shares during the period. Medtronic accounts for about 2.1% of Harvest Portfolios Group Inc.’s holdings, making the stock its 7th biggest position. Harvest Portfolios Group Inc. owned 0.05% of Medtronic worth $62,042,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

Several research firms recently weighed in on MDT. Piper Sandler upped their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Barclays upped their target price on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Oppenheimer increased their target price on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. Finally, Evercore ISI lifted their price target on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $95.36.

Medtronic Price Performance

Shares of Medtronic stock opened at $90.98 on Wednesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. Medtronic plc has a one year low of $69.32 and a one year high of $92.68. The business’s 50 day simple moving average is $89.66 and its two-hundred day simple moving average is $84.34. The stock has a market capitalization of $116.68 billion, a P/E ratio of 30.30, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. During the same period last year, the firm earned $1.20 earnings per share. Medtronic’s quarterly revenue was up 3.4% on a year-over-year basis. Analysts forecast that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The business also recently declared 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 dividend yield of 3.08%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend 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.