Stone Point Wealth LLC Has $1.52 Million Stock Holdings in Medtronic plc (NYSE:MDT)

Stone Point Wealth LLC decreased its stake in Medtronic plc (NYSE:MDT) by 1.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,834 shares of the medical technology company’s stock after selling 222 shares during the period. Stone Point Wealth LLC’s holdings in Medtronic were worth $1,516,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Fortitude Family Office LLC bought a new position in Medtronic in the third quarter worth approximately $27,000. Highline Wealth Partners LLC bought a new position in Medtronic in the third quarter worth approximately $27,000. Lynx Investment Advisory bought a new position in shares of Medtronic in the second quarter valued at approximately $28,000. Gleason Group Inc. bought a new position in shares of Medtronic in the second quarter valued at approximately $42,000. Finally, Opal Wealth Advisors LLC bought a new position in shares of Medtronic in the second quarter valued at approximately $43,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on MDT shares. Daiwa America upgraded Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Oppenheimer increased their price target on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report on Wednesday, August 21st. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Stifel Nicolaus raised their target price on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. Finally, Robert W. Baird lifted their price target on Medtronic from $82.00 to $90.00 and gave the company a “neutral” 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 assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $95.36.

Medtronic Stock Performance

Shares of NYSE MDT opened at $88.11 on Friday. The firm’s 50-day moving average price is $89.69 and its 200-day moving average price is $84.38. 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 market cap of $113.00 billion, a PE ratio of 29.77, a PEG ratio of 2.55 and a beta of 0.84. Medtronic plc has a 52-week low of $69.32 and a 52-week high of $92.68.

Medtronic (NYSE:MDT) last announced its quarterly earnings results 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. The firm had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.20 EPS. As a group, analysts anticipate that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

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