Washington Trust Bank Purchases 133 Shares of Medtronic plc (NYSE:MDT)

Washington Trust Bank boosted its holdings in shares of Medtronic plc (NYSE:MDT) by 2.1% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,354 shares of the medical technology company’s stock after buying an additional 133 shares during the period. Washington Trust Bank’s holdings in Medtronic were worth $572,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Capital Research Global Investors boosted its position in shares of Medtronic by 7.1% during the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock valued at $2,691,577,000 after acquiring an additional 2,044,109 shares during the last quarter. Pzena Investment Management LLC raised its stake in Medtronic by 8.3% in the second quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock valued at $653,854,000 after purchasing an additional 637,931 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Medtronic by 7.8% in the second quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock valued at $560,494,000 after purchasing an additional 515,751 shares in the last quarter. Longview Partners Guernsey LTD lifted its position in Medtronic by 2.3% during the first quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company’s stock valued at $578,245,000 after purchasing an additional 147,737 shares during the last quarter. Finally, Raymond James & Associates grew its stake in Medtronic by 2.3% in the 3rd quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company’s stock worth $575,460,000 after buying an additional 145,504 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of research analyst reports. Robert W. Baird lifted their price objective on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Oppenheimer upped their price objective on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. Barclays raised their price objective on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $95.36.

Medtronic Trading Down 1.7 %

MDT traded down $1.49 during trading on Thursday, hitting $88.62. 393,300 shares of the stock traded hands, compared to its average volume of 6,162,328. The firm has a market capitalization of $113.65 billion, a P/E ratio of 30.44, a price-to-earnings-growth ratio of 2.55 and a beta of 0.84. Medtronic plc has a 12-month low of $69.32 and a 12-month high of $92.68. 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 firm has a 50-day moving average of $89.69 and a 200 day moving average of $84.38.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same period in the prior year, the business posted $1.20 earnings per share. Medtronic’s revenue for the quarter was up 3.4% on a year-over-year basis. Equities research 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. The ex-dividend date was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.16%. Medtronic’s dividend payout ratio is currently 94.59%.

About Medtronic

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.