Brass Tax Wealth Management Inc. Takes $227,000 Position in Medtronic plc (NYSE:MDT)

Brass Tax Wealth Management Inc. bought a new stake in Medtronic plc (NYSE:MDT) in the third quarter, HoldingsChannel reports. The fund bought 2,527 shares of the medical technology company’s stock, valued at approximately $227,000.

A number of other large investors have also modified their holdings of MDT. Fortitude Family Office LLC purchased a new stake in Medtronic during the 3rd quarter worth approximately $27,000. Highline Wealth Partners LLC purchased a new stake in Medtronic during the 3rd quarter worth approximately $27,000. Darwin Wealth Management LLC purchased a new stake in Medtronic during the 3rd quarter worth approximately $27,000. J. Stern & Co. LLP purchased a new stake in Medtronic during the 3rd quarter worth approximately $30,000. Finally, Chelsea Counsel Co. purchased a new stake in Medtronic during the 3rd quarter worth approximately $45,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Performance

NYSE:MDT traded down $0.04 during midday trading on Friday, reaching $82.69. 1,120,056 shares of the company traded hands, compared to its average volume of 6,224,877. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $92.68. The firm has a market capitalization of $106.03 billion, a price-to-earnings ratio of 25.17, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The company has a fifty day moving average price of $87.77 and a 200 day moving average price of $84.99.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. During the same quarter in the previous year, the firm posted $1.25 EPS. The firm’s quarterly revenue was up 5.2% on a year-over-year basis. On average, analysts expect that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 27th will be given a dividend of $0.70 per share. The ex-dividend date is Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.39%. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Wall Street Analyst Weigh In

MDT has been the topic of several analyst reports. Wells Fargo & Company dropped their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. Daiwa America upgraded Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Robert W. Baird decreased their target price on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research report on Wednesday, November 20th. Evercore ISI lifted 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. Finally, Citigroup lifted 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. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $95.27.

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.