First Pacific Financial Acquires 490 Shares of Medtronic plc (NYSE:MDT)

First Pacific Financial raised its holdings in Medtronic plc (NYSE:MDT) by 5.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,115 shares of the medical technology company’s stock after buying an additional 490 shares during the period. First Pacific Financial’s holdings in Medtronic were worth $911,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Lynx Investment Advisory purchased a new stake in shares of Medtronic in the second quarter worth approximately $28,000. Tributary Capital Management LLC purchased a new position in Medtronic during the 1st quarter worth $33,000. Riverview Trust Co bought a new stake in shares of Medtronic in the 1st quarter worth $39,000. Gleason Group Inc. purchased a new stake in shares of Medtronic in the second quarter valued at about $42,000. Finally, Opal Wealth Advisors LLC bought a new position in shares of Medtronic during the second quarter valued at about $43,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Trading Down 0.2 %

NYSE MDT traded down $0.17 on Tuesday, hitting $89.84. The company’s stock had a trading volume of 4,173,723 shares, compared to its average volume of 6,267,160. The firm has a market cap of $115.20 billion, a P/E ratio of 32.73, a PEG ratio of 2.53 and a beta of 0.84. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $91.49. The company’s 50-day simple moving average is $87.74 and its 200 day simple moving average is $83.46. 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 (NYSE:MDT) last released its quarterly earnings results 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. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter in the previous year, the business posted $1.20 earnings per share. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. Research analysts predict that Medtronic plc will post 5.44 EPS for the current fiscal 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 paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date was Friday, September 27th. Medtronic’s payout ratio is currently 101.82%.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Barclays increased their price target on 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 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. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Oppenheimer increased their target price on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $95.36.

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.