Advisors Management Group Inc. ADV Raises Stock Holdings in Medtronic plc (NYSE:MDT)

Advisors Management Group Inc. ADV lifted its position in Medtronic plc (NYSE:MDT) by 2.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 44,833 shares of the medical technology company’s stock after buying an additional 1,041 shares during the quarter. Advisors Management Group Inc. ADV’s holdings in Medtronic were worth $4,036,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of MDT. Fortitude Family Office LLC purchased a new position in Medtronic in the third quarter valued at $27,000. Highline Wealth Partners LLC purchased a new stake in Medtronic in the 3rd quarter valued at approximately $27,000. Lynx Investment Advisory acquired a new position in Medtronic during the second quarter worth about $28,000. Gleason Group Inc. purchased a new position in Medtronic during the 2nd quarter valued at about $42,000. Finally, Opal Wealth Advisors LLC purchased a new position in Medtronic in the 2nd quarter valued at about $43,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

Medtronic stock opened at $90.09 on Thursday. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The stock has a market cap of $115.54 billion, a P/E ratio of 30.44, a price-to-earnings-growth ratio of 2.55 and a beta of 0.84. Medtronic plc has a 52 week low of $69.32 and a 52 week high of $92.68. The stock has a 50 day moving average of $89.69 and a 200-day moving average of $84.38.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 13.68% and a net margin of 12.06%. The business’s revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the business posted $1.20 EPS. On average, analysts expect that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given 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%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on MDT. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. Barclays lifted their price target on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Truist Financial raised their target price on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday, October 14th. Piper Sandler lifted their target price on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Friday, October 25th. One research 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 company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $95.36.

Medtronic Company 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.