Diversify Wealth Management LLC Takes Position in Medtronic plc (NYSE:MDT)

Diversify Wealth Management LLC bought a new stake in Medtronic plc (NYSE:MDT) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 30,131 shares of the medical technology company’s stock, valued at approximately $2,420,000.

Other institutional investors have also modified their holdings of the company. LifeSteps Financial Inc. acquired a new stake in shares of Medtronic in the first quarter valued at about $27,000. Lynx Investment Advisory purchased a new position in shares of Medtronic in the second quarter worth about $28,000. Tributary Capital Management LLC acquired a new position in Medtronic during the first quarter worth about $33,000. Fortis Group Advisors LLC grew its stake in Medtronic by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after acquiring an additional 230 shares in the last quarter. Finally, Riverview Trust Co acquired a new stake in Medtronic in the 1st quarter valued at about $39,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

MDT has been the topic of several recent research reports. Stifel Nicolaus boosted their target price on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. 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. Piper Sandler raised their target price on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Truist Financial boosted their price target on shares of Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research report on Friday, August 23rd. Finally, Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Medtronic has a consensus rating of “Hold” and an average price target of $92.92.

Medtronic Price Performance

Medtronic stock opened at $90.00 on Friday. The company’s 50 day simple moving average is $83.60 and its 200-day simple moving average is $82.80. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.49. The company has a market capitalization of $115.42 billion, a price-to-earnings ratio of 32.73, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) 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 analyst estimates of $7.90 billion. During the same quarter in the previous year, the company earned $1.20 earnings per share. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. As a group, equities research analysts expect that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

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