Parcion Private Wealth LLC Buys 8,384 Shares of Medtronic plc (NYSE:MDT)

Parcion Private Wealth LLC raised its stake in Medtronic plc (NYSE:MDT) by 9.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 96,951 shares of the medical technology company’s stock after purchasing an additional 8,384 shares during the quarter. Medtronic makes up about 0.7% of Parcion Private Wealth LLC’s portfolio, making the stock its 26th biggest holding. Parcion Private Wealth LLC’s holdings in Medtronic were worth $8,729,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in MDT. Chemung Canal Trust Co. increased its holdings in Medtronic by 1,467.5% during the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock worth $4,175,000 after buying an additional 44,846 shares during the last quarter. Manning & Napier Advisors LLC acquired a new position in shares of Medtronic during the 2nd quarter worth about $25,643,000. SageView Advisory Group LLC raised its holdings in shares of Medtronic by 130.3% in the 1st quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock valued at $1,467,000 after purchasing an additional 9,523 shares during the period. Daiwa Securities Group Inc. lifted its stake in Medtronic by 10.0% in the 1st quarter. Daiwa Securities Group Inc. now owns 135,268 shares of the medical technology company’s stock valued at $11,789,000 after purchasing an additional 12,250 shares during the last quarter. Finally, Burns J W & Co. Inc. NY grew its holdings in Medtronic by 17.4% during the first quarter. Burns J W & Co. Inc. NY now owns 3,276 shares of the medical technology company’s stock worth $286,000 after purchasing an additional 486 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on MDT. Daiwa America upgraded Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Stifel Nicolaus raised their price target on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. Oppenheimer lifted their price objective on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. Barclays increased their price objective on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Finally, Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Medtronic currently has an average rating of “Hold” and a consensus price target of $95.36.

Medtronic Stock Down 0.4 %

NYSE MDT opened at $90.59 on Friday. The company has a 50 day moving average of $89.30 and a 200-day moving average of $83.84. The company has a market cap of $116.18 billion, a price-to-earnings ratio of 30.60, a PEG ratio of 2.60 and a beta of 0.84. 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 plc has a 1-year low of $68.84 and a 1-year high of $92.68.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter in the prior year, the firm posted $1.20 EPS. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. On average, equities research analysts expect that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared 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. The ex-dividend date was Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.09%. Medtronic’s dividend payout ratio (DPR) is presently 94.59%.

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.