Northwest Investment Counselors LLC Increases Holdings in Medtronic plc (NYSE:MDT)

Northwest Investment Counselors LLC raised its holdings in Medtronic plc (NYSE:MDT) by 2.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 34,791 shares of the medical technology company’s stock after purchasing an additional 869 shares during the quarter. Northwest Investment Counselors LLC’s holdings in Medtronic were worth $3,132,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of MDT. Lynx Investment Advisory acquired a new stake in Medtronic during the 2nd quarter worth approximately $28,000. Tributary Capital Management LLC acquired a new stake in shares of Medtronic during the first quarter worth $33,000. Riverview Trust Co acquired a new stake in shares of Medtronic during the first quarter worth $39,000. Gleason Group Inc. acquired a new stake in shares of Medtronic during the second quarter worth $42,000. Finally, Opal Wealth Advisors LLC acquired a new position in Medtronic in the second quarter valued at $43,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Down 1.0 %

NYSE:MDT traded down $0.88 during trading hours on Monday, reaching $91.36. The company had a trading volume of 2,314,334 shares, compared to its average volume of 6,236,458. 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 firm has a market cap of $117.15 billion, a price-to-earnings ratio of 33.54, a P/E/G ratio of 2.53 and a beta of 0.84. The business’s 50-day simple moving average is $88.45 and its two-hundred day simple moving average is $83.58. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $92.25.

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 analysts’ consensus estimates of $1.20 by $0.03. The company had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm’s revenue was up 3.4% on a year-over-year basis. During the same period last year, the firm earned $1.20 earnings per share. On average, equities analysts expect that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Announces Dividend

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. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.06%. Medtronic’s dividend payout ratio is presently 101.82%.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Stifel Nicolaus boosted their price objective on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Evercore ISI upped their target price on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Piper Sandler upped their price target on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Robert W. Baird upped their target price on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Finally, UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average 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.