NovaPoint Capital LLC Grows Position in Medtronic plc (NYSE:MDT)

NovaPoint Capital LLC lifted its stake in shares of Medtronic plc (NYSE:MDT) by 5.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 31,252 shares of the medical technology company’s stock after buying an additional 1,734 shares during the period. NovaPoint Capital LLC’s holdings in Medtronic were worth $2,814,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Chemung Canal Trust Co. raised its stake in shares of Medtronic by 1,467.5% in the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock worth $4,175,000 after purchasing an additional 44,846 shares during the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of Medtronic during the second quarter worth $25,643,000. SageView Advisory Group LLC lifted its position in Medtronic by 130.3% during the first quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock valued at $1,467,000 after purchasing an additional 9,523 shares during the period. Daiwa Securities Group Inc. boosted its holdings in Medtronic by 10.0% in the first quarter. Daiwa Securities Group Inc. now owns 135,268 shares of the medical technology company’s stock valued at $11,789,000 after purchasing an additional 12,250 shares during the last quarter. Finally, Burns J W & Co. Inc. NY grew its position in Medtronic by 17.4% during the 1st quarter. Burns J W & Co. Inc. NY now owns 3,276 shares of the medical technology company’s stock worth $286,000 after purchasing an additional 486 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MDT has been the topic of a number of analyst reports. Piper Sandler raised their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Citigroup raised their target price on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. Evercore ISI upped their price target on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Daiwa America raised Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Finally, Robert W. Baird upped their target price on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $95.36.

Medtronic Price Performance

Shares of MDT stock opened at $92.24 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The company has a market capitalization of $118.28 billion, a PE ratio of 33.54, a price-to-earnings-growth ratio of 2.53 and a beta of 0.84. The firm’s 50-day moving average is $88.45 and its two-hundred day moving average is $83.60. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $92.25.

Medtronic (NYSE:MDT) last announced its quarterly 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. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same quarter in the prior year, the company posted $1.20 EPS. The company’s quarterly revenue was up 3.4% on a year-over-year basis. Analysts predict that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.04%. Medtronic’s payout ratio is currently 101.82%.

Medtronic Company 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.