Foster & Motley Inc. Boosts Stake in Medtronic plc (NYSE:MDT)

Foster & Motley Inc. lifted its holdings in shares of Medtronic plc (NYSE:MDT) by 22.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 25,076 shares of the medical technology company’s stock after acquiring an additional 4,619 shares during the quarter. Foster & Motley Inc.’s holdings in Medtronic were worth $2,258,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MDT. Manning & Napier Advisors LLC acquired a new stake in shares of Medtronic during the second quarter worth approximately $25,643,000. SageView Advisory Group LLC lifted its position in shares of Medtronic by 130.3% during the first quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock worth $1,467,000 after purchasing an additional 9,523 shares during the last quarter. Empowered Funds LLC increased its holdings in Medtronic by 174.9% in the first quarter. Empowered Funds LLC now owns 74,903 shares of the medical technology company’s stock valued at $6,528,000 after buying an additional 47,657 shares during the last quarter. National Bank of Canada FI raised its stake in Medtronic by 13.6% during the first quarter. National Bank of Canada FI now owns 261,325 shares of the medical technology company’s stock valued at $21,642,000 after buying an additional 31,195 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in Medtronic by 6.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 368,682 shares of the medical technology company’s stock worth $29,019,000 after buying an additional 21,995 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on MDT shares. Wells Fargo & Company upped their price target on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Stifel Nicolaus lifted their price target on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Evercore ISI lifted their target price on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Finally, Daiwa America raised Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $95.36.

Medtronic Trading Up 0.5 %

Shares of Medtronic stock opened at $90.09 on Thursday. The business has a fifty day simple moving average of $89.69 and a 200-day simple moving average of $84.38. The firm has a market cap of $115.54 billion, a price-to-earnings ratio of 30.44, a price-to-earnings-growth ratio of 2.55 and a beta of 0.84. Medtronic plc has a fifty-two week low of $69.32 and a fifty-two week high of $92.68. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last announced its quarterly earnings data 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 net margin of 12.06% and a return on equity of 13.68%. The company had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter in the previous year, the company posted $1.20 EPS. The business’s revenue was up 3.4% compared to the same quarter last year. On average, equities analysts forecast that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s payout ratio is 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.