Medtronic plc (NYSE:MDT) Position Raised by Harvest Portfolios Group Inc.

Harvest Portfolios Group Inc. grew its stake in shares of Medtronic plc (NYSE:MDT) by 6.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 689,131 shares of the medical technology company’s stock after acquiring an additional 42,112 shares during the quarter. Medtronic comprises approximately 2.1% of Harvest Portfolios Group Inc.’s portfolio, making the stock its 7th biggest position. Harvest Portfolios Group Inc.’s holdings in Medtronic were worth $62,042,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of MDT. Fortitude Family Office LLC purchased a new stake in Medtronic during the 3rd quarter valued at $27,000. Highline Wealth Partners LLC purchased a new position in shares of Medtronic during the third quarter valued at approximately $27,000. Lynx Investment Advisory bought a new stake in shares of Medtronic in the second quarter worth $28,000. Gleason Group Inc. purchased a new position in shares of Medtronic in the second quarter worth approximately $42,000. Finally, Opal Wealth Advisors LLC purchased a new position in shares of Medtronic during the 2nd quarter worth $43,000. 82.06% of the stock is currently owned by institutional investors.

Medtronic Trading Up 1.4 %

Medtronic stock opened at $90.98 on Wednesday. The company has a market capitalization of $116.68 billion, a price-to-earnings ratio of 30.30, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. Medtronic plc has a 52 week low of $69.32 and a 52 week high of $92.68. The stock has a 50-day moving average price of $89.66 and a 200 day moving average price of $84.34. 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 results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share 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 company had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same period last year, the business earned $1.20 earnings per share. Medtronic’s quarterly revenue was up 3.4% on a year-over-year basis. Sell-side analysts anticipate that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 94.59%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Wells Fargo & Company boosted their price objective on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Oppenheimer lifted their target price on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. Stifel Nicolaus upped their target price on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Finally, Robert W. Baird raised their price target on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $95.36.

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.