Morningstar Investment Services LLC acquired a new stake in Medtronic PLC (NYSE:MDT) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 91,092 shares of the medical technology company’s stock, valued at approximately $8,222,000.
A number of other hedge funds have also recently made changes to their positions in the business. ANTIPODES PARTNERS Ltd increased its stake in shares of Medtronic by 2.7% in the 2nd quarter. ANTIPODES PARTNERS Ltd now owns 759,805 shares of the medical technology company’s stock worth $69,674,000 after acquiring an additional 19,918 shares during the last quarter. Sicart Associates LLC acquired a new stake in shares of Medtronic during the 2nd quarter worth about $2,202,000. StrongBox Wealth LLC increased its position in shares of Medtronic by 11.3% during the 2nd quarter. StrongBox Wealth LLC now owns 13,675 shares of the medical technology company’s stock worth $1,254,000 after purchasing an additional 1,383 shares during the last quarter. Huntington National Bank increased its position in shares of Medtronic by 3.6% during the 2nd quarter. Huntington National Bank now owns 75,205 shares of the medical technology company’s stock worth $6,896,000 after purchasing an additional 2,624 shares during the last quarter. Finally, TradeLink Capital LLC acquired a new stake in shares of Medtronic during the 2nd quarter worth about $271,000. Institutional investors own 81.01% of the company’s stock.
A number of analysts recently issued reports on MDT shares. Sanford C. Bernstein reissued a “hold” rating and set a $112.00 price objective on shares of Medtronic in a research report on Thursday, April 23rd. CSFB reissued a “buy” rating and set a $117.00 price objective on shares of Medtronic in a research report on Saturday, May 23rd. Piper Sandler cut their price objective on Medtronic from $135.00 to $120.00 and set an “overweight” rating for the company in a research report on Thursday, May 21st. Bank of America reissued a “buy” rating and set a $130.00 price objective on shares of Medtronic in a research report on Friday, May 22nd. Finally, Deutsche Bank cut their price objective on Medtronic from $123.00 to $118.00 and set a “buy” rating for the company in a research report on Friday, May 22nd. Three analysts have rated the stock with a sell rating, six have assigned a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $113.55.
MDT stock traded up $0.01 during trading on Friday, hitting $96.48. 5,154,028 shares of the company’s stock were exchanged, compared to its average volume of 4,376,060. The business has a 50-day moving average price of $93.73 and a two-hundred day moving average price of $99.84. The stock has a market capitalization of $129.41 billion, a price-to-earnings ratio of 27.18, a PEG ratio of 3.65 and a beta of 0.67. Medtronic PLC has a 52-week low of $72.13 and a 52-week high of $122.15. The company has a current ratio of 2.13, a quick ratio of 1.72 and a debt-to-equity ratio of 0.43.
Medtronic (NYSE:MDT) last posted its earnings results on Thursday, May 21st. The medical technology company reported $0.58 earnings per share for the quarter, missing the consensus estimate of $1.28 by ($0.70). The business had revenue of $6 billion for the quarter, compared to analysts’ expectations of $6.10 billion. Medtronic had a return on equity of 12.17% and a net margin of 16.56%. Medtronic’s revenue for the quarter was down 26.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.54 EPS. On average, equities research analysts anticipate that Medtronic PLC will post 3.41 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, June 26th were paid a dividend of $0.58 per share. This is a boost from Medtronic’s previous quarterly dividend of $0.54. The ex-dividend date of this dividend was Thursday, June 25th. This represents a $2.32 annualized dividend and a yield of 2.40%. Medtronic’s payout ratio is presently 50.54%.
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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