Trinity Legacy Partners LLC Boosts Holdings in Medtronic plc (NYSE:MDT)

Trinity Legacy Partners LLC boosted its position in shares of Medtronic plc (NYSE:MDT) by 8.1% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 55,892 shares of the medical technology company’s stock after purchasing an additional 4,181 shares during the quarter. Trinity Legacy Partners LLC’s holdings in Medtronic were worth $5,031,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. GSA Capital Partners LLP increased its holdings in shares of Medtronic by 73.0% in the 1st quarter. GSA Capital Partners LLP now owns 4,945 shares of the medical technology company’s stock worth $431,000 after purchasing an additional 2,086 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in Medtronic by 0.8% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 181,073 shares of the medical technology company’s stock valued at $15,781,000 after acquiring an additional 1,384 shares during the period. Quantbot Technologies LP purchased a new stake in shares of Medtronic during the 1st quarter valued at about $904,000. Empowered Funds LLC grew its stake in shares of Medtronic by 174.9% in the first quarter. Empowered Funds LLC now owns 74,903 shares of the medical technology company’s stock worth $6,528,000 after acquiring an additional 47,657 shares during the period. Finally, Brooklyn Investment Group raised its holdings in shares of Medtronic by 16.1% during the first quarter. Brooklyn Investment Group now owns 3,553 shares of the medical technology company’s stock valued at $309,000 after purchasing an additional 494 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

NYSE:MDT opened at $88.12 on Friday. The business’s 50-day simple moving average is $89.69 and its two-hundred day simple moving average is $84.38. Medtronic plc has a 52 week low of $69.32 and a 52 week high of $92.68. The stock has a market cap of $113.01 billion, a PE ratio of 29.77, a P/E/G ratio of 2.55 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter last year, the company earned $1.20 EPS. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. As a group, analysts forecast 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. Shareholders of record on Friday, September 27th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.18%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s payout ratio is currently 94.59%.

Analyst Ratings Changes

A number of equities research analysts have commented on MDT shares. Barclays lifted their target price on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Wells Fargo & Company lifted their price objective on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Truist Financial increased their target price on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a report on Monday, October 14th. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Finally, Piper Sandler raised their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. 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 MarketBeat, the company currently has an average rating of “Hold” and an average target price of $95.36.

About Medtronic

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.