Modera Wealth Management LLC Acquires 606 Shares of Medtronic plc (NYSE:MDT)

Modera Wealth Management LLC raised its holdings in shares of Medtronic plc (NYSE:MDT) by 23.2% in the 3rd quarter, Holdings Channel.com reports. The fund owned 3,221 shares of the medical technology company’s stock after buying an additional 606 shares during the period. Modera Wealth Management LLC’s holdings in Medtronic were worth $290,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in MDT. M&G Plc bought a new position in shares of Medtronic during the 1st quarter worth approximately $259,160,000. Capital Research Global Investors boosted its holdings in shares of Medtronic by 7.1% in 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 buying an additional 2,044,109 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Medtronic by 1,195.9% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock valued at $144,637,000 after buying an additional 1,695,800 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Medtronic by 8,908.6% in the 3rd quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock valued at $116,896,000 after buying an additional 1,284,002 shares during the last quarter. Finally, Troy Asset Management Ltd acquired a new stake in shares of Medtronic in the 2nd quarter valued at approximately $85,440,000. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Down 0.3 %

MDT stock opened at $90.33 on Wednesday. The company has a market cap of $115.82 billion, a PE ratio of 32.85, a price-to-earnings-growth ratio of 2.60 and a beta of 0.84. The business has a 50-day simple moving average of $89.52 and a 200 day simple moving average of $83.98. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $92.68. 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 posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. Medtronic’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.20 earnings per share. Sell-side analysts anticipate that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s payout ratio is 101.82%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on MDT shares. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and increased their price objective for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Friday, October 25th. Citigroup increased their price objective on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. Robert W. Baird raised 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. Finally, Piper Sandler lifted their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. One investment 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. According to MarketBeat.com, the company presently has a consensus 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.