Washington Trust Bank Purchases 133 Shares of Medtronic plc (NYSE:MDT)

Washington Trust Bank grew its position in Medtronic plc (NYSE:MDT) by 2.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,354 shares of the medical technology company’s stock after purchasing an additional 133 shares during the quarter. Washington Trust Bank’s holdings in Medtronic were worth $572,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. Capital Research Global Investors boosted its position in Medtronic by 7.1% during 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 acquiring an additional 2,044,109 shares during the last quarter. Pzena Investment Management LLC boosted its position 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 valued at $653,854,000 after purchasing an additional 637,931 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Medtronic by 7.8% during the second quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock worth $560,494,000 after purchasing an additional 515,751 shares during the period. Longview Partners Guernsey LTD increased its holdings 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 purchasing an additional 147,737 shares in the last quarter. Finally, Raymond James & Associates lifted its stake in Medtronic by 2.3% in the third quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company’s stock valued at $575,460,000 after buying an additional 145,504 shares during the period. 82.06% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on MDT. Truist Financial lifted their price objective on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday, October 14th. Stifel Nicolaus lifted their price target on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Oppenheimer increased their price objective on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday, October 25th. Finally, Piper Sandler upped their price target on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $95.36.

Medtronic Stock Performance

Medtronic stock traded down $1.49 during mid-day trading on Thursday, reaching $88.62. The company’s stock had a trading volume of 393,300 shares, compared to its average volume of 6,162,328. The firm’s fifty day moving average price is $89.69 and its two-hundred day moving average price is $84.38. 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 plc has a 12-month low of $69.32 and a 12-month high of $92.68. The company has a market capitalization of $113.65 billion, a P/E ratio of 30.44, a PEG ratio of 2.55 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $7.90 billion. During the same period 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. Sell-side analysts predict 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 given a $0.70 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.16%. Medtronic’s dividend payout ratio (DPR) 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.