Lynx Investment Advisory Acquires New Shares in Medtronic plc (NYSE:MDT)

Lynx Investment Advisory acquired a new stake in Medtronic plc (NYSE:MDT) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 359 shares of the medical technology company’s stock, valued at approximately $28,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. MeadowBrook Investment Advisors LLC bought a new stake in shares of Medtronic in the fourth quarter valued at about $27,000. LifeSteps Financial Inc. purchased a new position in Medtronic in the first quarter valued at about $27,000. Tributary Capital Management LLC purchased a new position in Medtronic in the first quarter valued at about $33,000. Fortis Group Advisors LLC grew its stake in Medtronic by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after purchasing an additional 230 shares during the last quarter. Finally, Hartford Financial Management Inc. grew its stake in Medtronic by 52.1% in the fourth quarter. Hartford Financial Management Inc. now owns 479 shares of the medical technology company’s stock valued at $39,000 after purchasing an additional 164 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Performance

NYSE MDT traded up $0.93 during trading hours on Wednesday, reaching $81.71. The stock had a trading volume of 2,535,421 shares, compared to its average volume of 6,289,192. The stock has a fifty day moving average of $79.98 and a 200 day moving average of $82.54. The stock has a market cap of $104.77 billion, a P/E ratio of 29.83, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $89.18. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03.

Medtronic (NYSE:MDT) last issued its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. The firm had revenue of $8.59 billion for the quarter, compared to analyst estimates of $8.44 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. Medtronic’s revenue for the quarter was up .5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.57 earnings per share. Sell-side analysts predict that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were issued a $0.70 dividend. The ex-dividend date was Friday, June 28th. This is an increase from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 dividend on an annualized basis and a yield of 3.43%. Medtronic’s payout ratio is presently 101.82%.

Wall Street Analysts Forecast Growth

MDT has been the topic of several analyst reports. Truist Financial cut their target price on Medtronic from $88.00 to $85.00 and set a “hold” rating on the stock in a research note on Tuesday, July 16th. Citigroup cut their target price on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. The Goldman Sachs Group assumed coverage on Medtronic in a research note on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price on the stock. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a research note on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and a consensus price target of $90.90.

Insider Buying and Selling at Medtronic

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $83.77, for a total value of $1,601,096.01. Following the completion of the transaction, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

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.