Two Point Capital Management Inc. Has $8.26 Million Stock Position in Medtronic plc (NYSE:MDT)

Two Point Capital Management Inc. raised its stake in Medtronic plc (NYSE:MDT) by 1.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 91,722 shares of the medical technology company’s stock after acquiring an additional 965 shares during the quarter. Medtronic comprises approximately 3.0% of Two Point Capital Management Inc.’s investment portfolio, making the stock its 16th biggest holding. Two Point Capital Management Inc.’s holdings in Medtronic were worth $8,258,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MDT. Capital Research Global Investors lifted its stake in shares of 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 period. Pzena Investment Management LLC raised its holdings in 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 worth $653,854,000 after purchasing an additional 637,931 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Medtronic by 7.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock valued at $560,494,000 after purchasing an additional 515,751 shares during the period. Longview Partners Guernsey LTD boosted its stake in shares of Medtronic by 2.3% in the 1st quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company’s stock valued at $578,245,000 after purchasing an additional 147,737 shares during the last quarter. Finally, Raymond James & Associates grew its position in shares of Medtronic by 2.3% during the 3rd quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company’s stock worth $575,460,000 after buying an additional 145,504 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Up 0.5 %

MDT stock opened at $90.09 on Thursday. The company has a market cap of $115.54 billion, a price-to-earnings ratio of 30.44, a P/E/G 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 business has a 50 day moving average price of $89.69 and a two-hundred day moving average price of $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.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The business 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 firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.20 earnings per share. Analysts anticipate that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.11%. Medtronic’s dividend payout ratio is currently 94.59%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on MDT shares. Citigroup raised their price objective on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. Wells Fargo & Company upped their target price on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Piper Sandler raised their price objective on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Evercore ISI increased their price target on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Finally, Oppenheimer lifted their price objective on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $95.36.

Medtronic 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.