Smith Salley Wealth Management Buys 16,402 Shares of Medtronic plc (NYSE:MDT)

Smith Salley Wealth Management grew its stake in Medtronic plc (NYSE:MDT) by 10.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 173,168 shares of the medical technology company’s stock after acquiring an additional 16,402 shares during the period. Smith Salley Wealth Management’s holdings in Medtronic were worth $15,590,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Lynx Investment Advisory acquired a new stake in shares of Medtronic in the second quarter valued at approximately $28,000. Tributary Capital Management LLC bought a new position in Medtronic in the 1st quarter valued at $33,000. Gleason Group Inc. acquired a new stake in shares of Medtronic in the 2nd quarter valued at $42,000. Opal Wealth Advisors LLC bought a new stake in shares of Medtronic during the second quarter worth $43,000. Finally, Olistico Wealth LLC acquired a new position in shares of Medtronic during the second quarter valued at $45,000. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Performance

Shares of Medtronic stock opened at $90.59 on Friday. The stock’s fifty day simple moving average is $89.30 and its 200 day simple moving average is $83.84. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $116.18 billion, a PE ratio of 30.60, a PEG ratio of 2.60 and a beta of 0.84. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $92.68.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $7.90 billion. During the same quarter last year, the firm posted $1.20 earnings per share. Medtronic’s revenue was up 3.4% compared to the same quarter last year. On average, research analysts predict that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The company 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 dividend yield of 3.09%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio is 94.59%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on MDT shares. Wells Fargo & Company lifted their price objective on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and increased their price objective for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Evercore ISI lifted their target price on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Finally, Citigroup upped their target price on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. 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 company. According to MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and a consensus price target 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.