Granite Group Advisors LLC Has $2.45 Million Position in Medtronic plc (NYSE:MDT)

Granite Group Advisors LLC cut its holdings in Medtronic plc (NYSE:MDT) by 1.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 27,219 shares of the medical technology company’s stock after selling 446 shares during the quarter. Medtronic comprises 1.6% of Granite Group Advisors LLC’s portfolio, making the stock its 14th largest position. Granite Group Advisors LLC’s holdings in Medtronic were worth $2,451,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in MDT. M&G Plc bought a new position in Medtronic during the 1st quarter worth about $259,160,000. Capital Research Global Investors boosted its position in shares of Medtronic by 7.1% during the first 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 period. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Medtronic by 1,195.9% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock worth $144,637,000 after buying an additional 1,695,800 shares in the last quarter. International Assets Investment Management LLC raised its position in Medtronic by 8,908.6% in the 3rd quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock valued at $116,896,000 after buying an additional 1,284,002 shares during the last quarter. Finally, Troy Asset Management Ltd bought a new stake in Medtronic in the 2nd quarter valued at approximately $85,440,000. Institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on MDT. Evercore ISI lifted their price objective on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Piper Sandler boosted their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Citigroup increased their price objective on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Daiwa America raised Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Finally, Stifel Nicolaus increased their price target on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. One investment 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 stock. Based on data from MarketBeat, Medtronic currently has an average rating of “Hold” and a consensus target price of $95.36.

Medtronic Stock Performance

Shares of MDT stock traded up $0.31 during trading on Friday, reaching $88.43. 964,601 shares of the company’s stock were exchanged, compared to its average volume of 6,168,224. Medtronic plc has a twelve month low of $69.32 and a twelve month high of $92.68. The firm’s fifty day moving average price is $89.69 and its 200-day moving average price is $84.38. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $113.41 billion, a PE ratio of 29.77, a PEG ratio of 2.55 and a beta of 0.84.

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

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio is presently 94.59%.

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.