Beacon Harbor Wealth Advisors Inc. Grows Position in Medtronic plc (NYSE:MDT)

Beacon Harbor Wealth Advisors Inc. increased its holdings in Medtronic plc (NYSE:MDT) by 2.2% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 73,047 shares of the medical technology company’s stock after purchasing an additional 1,587 shares during the period. Beacon Harbor Wealth Advisors Inc.’s holdings in Medtronic were worth $6,576,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. M&G Plc bought a new stake in shares of Medtronic in the first quarter worth approximately $259,160,000. Capital Research Global Investors boosted its holdings 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 worth $2,691,577,000 after purchasing an additional 2,044,109 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its position in Medtronic by 1,195.9% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock worth $144,637,000 after purchasing an additional 1,695,800 shares during the period. International Assets Investment Management LLC lifted its holdings in shares of Medtronic by 8,908.6% during the 3rd quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock valued at $116,896,000 after buying an additional 1,284,002 shares during the period. Finally, Troy Asset Management Ltd purchased a new position in shares of Medtronic in the 2nd quarter worth $85,440,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Daiwa America upgraded Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Friday, October 25th. Robert W. Baird raised their price objective on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Evercore ISI increased their price target on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Finally, Stifel Nicolaus boosted their price objective on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Medtronic has an average rating of “Hold” and a consensus target price of $95.36.

Medtronic Stock Performance

NYSE MDT opened at $88.12 on Friday. The business has a 50-day moving average price of $89.69 and a 200-day moving average price of $84.38. The firm has a market cap of $113.01 billion, a price-to-earnings ratio of 29.77, a price-to-earnings-growth ratio of 2.55 and a beta of 0.84. Medtronic plc has a twelve month low of $69.32 and a twelve month high of $92.68. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

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 net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same period last year, the firm posted $1.20 EPS. The company’s revenue was up 3.4% on a year-over-year basis. As a group, equities research analysts predict that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.18%. The ex-dividend date was Friday, September 27th. Medtronic’s payout ratio is currently 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.