JB Capital LLC Buys 5,083 Shares of Medtronic plc (NYSE:MDT)

JB Capital LLC boosted its stake in Medtronic plc (NYSE:MDT) by 4.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 110,496 shares of the medical technology company’s stock after acquiring an additional 5,083 shares during the quarter. JB Capital LLC’s holdings in Medtronic were worth $9,948,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Fortitude Family Office LLC bought a new position in shares of Medtronic during the third quarter worth about $27,000. Highline Wealth Partners LLC acquired a new position in Medtronic during the 3rd quarter worth approximately $27,000. Lynx Investment Advisory bought a new position in shares of Medtronic during the 2nd quarter worth approximately $28,000. Gleason Group Inc. acquired a new stake in shares of Medtronic in the second quarter valued at approximately $42,000. Finally, Opal Wealth Advisors LLC bought a new stake in shares of Medtronic in the second quarter worth $43,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Performance

MDT stock traded down $2.30 during mid-day trading on Thursday, hitting $87.81. 914,395 shares of the company were exchanged, compared to its average volume of 6,165,485. Medtronic plc has a 1-year low of $69.32 and a 1-year high of $92.68. The stock has a market capitalization of $112.61 billion, a PE ratio of 30.44, a price-to-earnings-growth ratio of 2.55 and a beta of 0.84. The business has a 50 day simple moving average of $89.69 and a 200-day simple moving average of $84.38. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share 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 business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same period last year, the firm posted $1.20 EPS. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. On average, equities analysts forecast that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Dividend Announcement

The firm 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 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio is 94.59%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on MDT. Oppenheimer lifted their price target on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. Stifel Nicolaus lifted their target price on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Friday, October 25th. Evercore ISI boosted their price target on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Finally, Citigroup upped their price objective on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price 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.