Raymond James & Associates Boosts Stake in Medtronic plc (NYSE:MDT)

Raymond James & Associates boosted its stake in Medtronic plc (NYSE:MDT) by 2.3% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 6,391,865 shares of the medical technology company’s stock after purchasing an additional 145,504 shares during the period. Raymond James & Associates owned about 0.50% of Medtronic worth $575,460,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the company. Lynx Investment Advisory purchased a new position in Medtronic during the 2nd quarter valued at about $28,000. Tributary Capital Management LLC purchased a new position in shares of Medtronic in the first quarter valued at approximately $33,000. Riverview Trust Co acquired a new position in shares of Medtronic in the first quarter valued at approximately $39,000. Gleason Group Inc. purchased a new stake in Medtronic during the 2nd quarter worth approximately $42,000. Finally, Opal Wealth Advisors LLC acquired a new stake in Medtronic during the 2nd quarter worth approximately $43,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently weighed in on MDT shares. Daiwa America raised Medtronic to a “strong-buy” rating in a research 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. Robert W. Baird boosted their price objective on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Wells Fargo & Company raised their target price on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Finally, Truist Financial boosted their price target on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a report on Monday, October 14th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $95.36.

Medtronic Stock Performance

Shares of Medtronic stock traded up $2.45 on Friday, hitting $92.24. The stock had a trading volume of 7,355,589 shares, compared to its average volume of 6,255,872. The stock has a market cap of $118.28 billion, a price-to-earnings ratio of 33.54, a P/E/G ratio of 2.53 and a beta of 0.84. 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 plc has a 52-week low of $68.84 and a 52-week high of $92.25. The company’s 50 day moving average price is $88.45 and its 200 day moving average price is $83.60.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. The business had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company’s revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.20 earnings per share. On average, research analysts anticipate that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.04%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) 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.