SPC Financial Inc. Acquires 1,004 Shares of Medtronic plc (NYSE:MDT)

SPC Financial Inc. lifted its holdings in Medtronic plc (NYSE:MDT) by 9.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,305 shares of the medical technology company’s stock after buying an additional 1,004 shares during the period. SPC Financial Inc.’s holdings in Medtronic were worth $1,018,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Capital Research Global Investors increased its holdings in shares of Medtronic by 7.1% in the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after buying an additional 2,044,109 shares during the last quarter. Pzena Investment Management LLC grew 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 valued at $653,854,000 after purchasing an additional 637,931 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings 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 last quarter. Longview Partners Guernsey LTD grew its holdings in Medtronic by 2.3% during 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 holdings in Medtronic by 5.7% during the 2nd quarter. Raymond James & Associates now owns 6,246,361 shares of the medical technology company’s stock valued at $491,651,000 after purchasing an additional 336,618 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on MDT shares. Oppenheimer upped their price target on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Truist Financial boosted their price objective on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday. Citigroup boosted their price objective on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. Finally, Evercore ISI boosted their price objective on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $95.36.

Medtronic Stock Up 0.2 %

NYSE:MDT opened at $89.99 on Thursday. The firm has a market capitalization of $115.39 billion, a P/E ratio of 32.72, a PEG ratio of 2.53 and a beta of 0.84. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.49. The company’s fifty day moving average price is $88.10 and its 200-day moving average price is $83.52. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61.

Medtronic (NYSE:MDT) last released its quarterly earnings data 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 firm had revenue of $7.97 billion for the quarter, compared to analyst estimates 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 in the prior year, the business earned $1.20 earnings per share. As a group, equities research analysts anticipate that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The company 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. The ex-dividend date was Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.11%. Medtronic’s dividend payout ratio is presently 101.82%.

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.