Clear Creek Financial Management LLC Buys New Position in Medtronic plc (NYSE:MDT)

Clear Creek Financial Management LLC purchased a new position in shares of Medtronic plc (NYSE:MDT) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 3,111 shares of the medical technology company’s stock, valued at approximately $280,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Whittier Trust Co. grew its position in Medtronic by 3.5% in the 1st quarter. Whittier Trust Co. now owns 9,502 shares of the medical technology company’s stock valued at $828,000 after purchasing an additional 319 shares during the period. Whittier Trust Co. of Nevada Inc. raised its stake in Medtronic by 5.1% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 13,743 shares of the medical technology company’s stock valued at $1,198,000 after acquiring an additional 672 shares during the period. Central Pacific Bank Trust Division bought a new stake in Medtronic in the 1st quarter valued at about $183,000. GSA Capital Partners LLP grew its holdings in Medtronic by 73.0% during the 1st quarter. GSA Capital Partners LLP now owns 4,945 shares of the medical technology company’s stock valued at $431,000 after buying an additional 2,086 shares in the last quarter. Finally, Commerce Bank grew its holdings in Medtronic by 1.5% during the 1st quarter. Commerce Bank now owns 173,345 shares of the medical technology company’s stock valued at $15,107,000 after buying an additional 2,622 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

Medtronic Trading Down 0.8 %

Medtronic stock opened at $89.31 on Tuesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. Medtronic plc has a one year low of $69.32 and a one year high of $92.68. The stock has a market capitalization of $114.54 billion, a PE ratio of 30.17, a price-to-earnings-growth ratio of 2.55 and a beta of 0.84. The business’s fifty day moving average is $89.64 and its 200 day moving average is $84.27.

Medtronic (NYSE:MDT) last posted its 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. 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 the consensus estimate of $7.90 billion. During the same quarter in the prior year, the company earned $1.20 earnings per share. Medtronic’s revenue was up 3.4% on a year-over-year basis. On average, sell-side analysts predict that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio is 94.59%.

Analyst Ratings Changes

Several research analysts have recently commented on MDT shares. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Citigroup boosted their target price on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. Truist Financial boosted their price objective on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday, October 14th. Wells Fargo & Company upped their target price on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus price target 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.