MBA Advisors LLC Has $360,000 Stake in Medtronic plc (NYSE:MDT)

MBA Advisors LLC raised its holdings in Medtronic plc (NYSE:MDT) by 14.5% in the second quarter, Holdings Channel reports. The fund owned 4,572 shares of the medical technology company’s stock after acquiring an additional 579 shares during the period. MBA Advisors LLC’s holdings in Medtronic were worth $360,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. LifeSteps Financial Inc. acquired a new position in Medtronic in the first quarter valued at about $27,000. MeadowBrook Investment Advisors LLC bought a new stake in shares of Medtronic in the fourth quarter valued at about $27,000. Lynx Investment Advisory bought a new stake in shares of Medtronic in the second quarter valued at about $28,000. Tributary Capital Management LLC bought a new stake in shares of Medtronic in the first quarter valued at about $33,000. Finally, Riverview Trust Co bought a new stake in shares of Medtronic in the first quarter valued at about $39,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on MDT shares. Robert W. Baird boosted their price target on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Stifel Nicolaus boosted their price target on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. Truist Financial boosted their price target on Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a report on Friday, August 23rd. Oppenheimer upped their target price on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $92.92.

Insider Buying and Selling

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

Medtronic Stock Performance

Shares of Medtronic stock traded up $0.39 on Friday, hitting $88.58. The stock had a trading volume of 7,940,126 shares, compared to its average volume of 6,288,698. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $90.13. The business’s 50 day moving average is $81.18 and its two-hundred day moving average is $82.41. The company has a quick ratio of 1.55, a current ratio of 2.03 and a debt-to-equity ratio of 0.47. The stock has a market cap of $113.58 billion, a price-to-earnings ratio of 32.21, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.20 by $0.03. The company had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.20 earnings per share. Analysts forecast that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio is currently 101.82%.

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.