IFG Advisory LLC Has $2.26 Million Stake in Medtronic plc (NYSE:MDT)

IFG Advisory LLC lifted its position in Medtronic plc (NYSE:MDT) by 9.0% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 28,662 shares of the medical technology company’s stock after buying an additional 2,360 shares during the quarter. IFG Advisory LLC’s holdings in Medtronic were worth $2,256,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in MDT. Norges Bank bought a new stake in Medtronic during the fourth quarter worth approximately $1,229,726,000. First Eagle Investment Management LLC boosted its position in Medtronic by 54.5% during the fourth quarter. First Eagle Investment Management LLC now owns 9,409,680 shares of the medical technology company’s stock worth $775,169,000 after purchasing an additional 3,320,800 shares during the period. M&G Plc bought a new stake in Medtronic during the first quarter worth approximately $259,160,000. Capital Research Global Investors boosted its position in 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 purchasing an additional 2,044,109 shares during the period. Finally, Pzena Investment Management LLC boosted its position in Medtronic by 30.9% during the fourth quarter. Pzena Investment Management LLC now owns 7,500,562 shares of the medical technology company’s stock worth $617,896,000 after purchasing an additional 1,769,985 shares during the period. Institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on MDT. Oppenheimer upped their target price on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. Piper Sandler increased their price objective on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. Citigroup reduced their price objective on Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Finally, Stifel Nicolaus increased their price objective on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Medtronic currently has a consensus rating of “Hold” and an average target price of $92.92.

Insider Buying and Selling

In related news, CEO Geoffrey Martha sold 19,113 shares of Medtronic stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $83.77, for a total value of $1,601,096.01. Following the completion of the sale, the chief executive officer now directly owns 143,348 shares in the company, valued at $12,008,261.96. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Medtronic Price Performance

Shares of Medtronic stock traded up $0.39 during trading on Friday, reaching $88.58. The company’s stock had a trading volume of 7,940,126 shares, compared to its average volume of 6,288,698. The stock has a 50-day moving average price of $81.32 and a two-hundred day moving average price of $82.44. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. Medtronic plc has a one year low of $68.84 and a one year high of $90.13. The stock has a market capitalization of $113.58 billion, a P/E ratio of 32.21, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period in the previous year, the business posted $1.20 earnings per share. As a group, sell-side analysts anticipate that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a $0.70 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.16%. Medtronic’s payout ratio is 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.