First Trust Direct Indexing L.P. Purchases 5,282 Shares of Medtronic plc (NYSE:MDT)

First Trust Direct Indexing L.P. raised its holdings in Medtronic plc (NYSE:MDT) by 16.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,940 shares of the medical technology company’s stock after purchasing an additional 5,282 shares during the period. First Trust Direct Indexing L.P.’s holdings in Medtronic were worth $3,326,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of MDT. Clear Harbor Asset Management LLC increased its position in Medtronic by 1.2% in the third quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock worth $861,000 after buying an additional 111 shares in the last quarter. First PREMIER Bank lifted its position in shares of Medtronic by 1.8% during the 3rd quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock valued at $577,000 after buying an additional 116 shares in the last quarter. Precision Wealth Strategies LLC increased its holdings in Medtronic by 3.3% in the 3rd quarter. Precision Wealth Strategies LLC now owns 3,741 shares of the medical technology company’s stock worth $337,000 after acquiring an additional 118 shares in the last quarter. Lake Street Advisors Group LLC increased its holdings in Medtronic by 2.0% in the 3rd quarter. Lake Street Advisors Group LLC now owns 6,024 shares of the medical technology company’s stock worth $547,000 after acquiring an additional 118 shares in the last quarter. Finally, Quent Capital LLC raised its stake in Medtronic by 8.0% during the 1st quarter. Quent Capital LLC now owns 1,680 shares of the medical technology company’s stock worth $146,000 after acquiring an additional 125 shares during the period. Institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

MDT has been the subject of a number of analyst reports. Piper Sandler increased their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Truist Financial upped their target price on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a report on Monday, October 14th. Oppenheimer raised their price target on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. Daiwa America raised Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Finally, Robert W. Baird lifted their target price on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Medtronic presently has an average rating of “Hold” and a consensus target price of $95.36.

Medtronic Trading Up 0.8 %

NYSE MDT traded up $0.73 on Wednesday, reaching $91.05. 1,636,527 shares of the company were exchanged, compared to its average volume of 6,189,331. Medtronic plc has a fifty-two week low of $69.32 and a fifty-two week high of $92.68. 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 business’s fifty day moving average price is $89.52 and its 200 day moving average price is $83.98. The stock has a market capitalization of $116.75 billion, a P/E ratio of 32.85, a price-to-earnings-growth ratio of 2.60 and a beta of 0.84.

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

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a $0.70 dividend. The ex-dividend date was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.08%. Medtronic’s payout ratio is currently 101.82%.

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.