Eastern Bank Buys New Shares in Medtronic plc (NYSE:MDT)

Eastern Bank purchased a new position in shares of Medtronic plc (NYSE:MDT) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 21,121 shares of the medical technology company’s stock, valued at approximately $1,902,000.

A number of other large investors also recently bought and sold shares of the stock. Capital Research Global Investors raised its position 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 worth $2,691,577,000 after buying an additional 2,044,109 shares during the period. Pzena Investment Management LLC grew its holdings in shares of Medtronic by 8.3% during the 2nd quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock worth $653,854,000 after purchasing an additional 637,931 shares during the period. Dimensional Fund Advisors LP increased its position in Medtronic by 7.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock worth $560,494,000 after purchasing an additional 515,751 shares in the last quarter. Longview Partners Guernsey LTD raised its holdings in Medtronic by 2.3% in 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 buying an additional 147,737 shares during the period. Finally, Raymond James & Associates lifted its position in Medtronic by 2.3% during the third quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company’s stock valued at $575,460,000 after buying an additional 145,504 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on MDT shares. Citigroup upped their price target on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. Truist Financial boosted their price target on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research report on Monday, October 14th. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Finally, Stifel Nicolaus upped their target price on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $95.36.

Medtronic Price Performance

Shares of NYSE MDT opened at $91.12 on Wednesday. The company has a market capitalization of $116.84 billion, a price-to-earnings ratio of 33.13, a price-to-earnings-growth ratio of 2.53 and a beta of 0.84. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $92.25. The business has a 50 day simple moving average of $88.83 and a 200-day simple moving average of $83.67. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping 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 firm had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same period last year, the company earned $1.20 earnings per share. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. As a group, equities research analysts expect 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 issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.07%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s payout ratio is currently 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.