Lake Street Advisors Group LLC Increases Stock Holdings in Medtronic plc (NYSE:MDT)

Lake Street Advisors Group LLC raised its position in shares of Medtronic plc (NYSE:MDT) by 2.0% in the third quarter, HoldingsChannel reports. The firm owned 6,024 shares of the medical technology company’s stock after buying an additional 118 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Medtronic were worth $547,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Strategic Investment Solutions Inc. IL boosted its stake in shares of Medtronic by 7.0% in the third quarter. Strategic Investment Solutions Inc. IL now owns 2,099 shares of the medical technology company’s stock worth $189,000 after acquiring an additional 137 shares during the period. Hudock Inc. bought a new position in Medtronic in the 3rd quarter worth approximately $217,000. Financial Partners Group LLC grew its holdings in Medtronic by 2.8% during the 3rd quarter. Financial Partners Group LLC now owns 44,527 shares of the medical technology company’s stock valued at $4,009,000 after buying an additional 1,205 shares in the last quarter. Element Wealth LLC bought a new stake in shares of Medtronic during the third quarter valued at approximately $257,000. Finally, Nicholson Wealth Management Group LLC purchased a new position in shares of Medtronic in the third quarter worth $583,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

MDT has been the subject of a number of research analyst reports. Daiwa America upgraded Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. 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. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and raised their target price for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Finally, Citigroup upped their target price on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. 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 data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $95.36.

Medtronic Stock Performance

MDT stock opened at $90.59 on Friday. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $92.68. The firm has a market cap of $116.18 billion, a price-to-earnings ratio of 30.60, a PEG ratio of 2.60 and a beta of 0.84. The business’s fifty day simple moving average is $89.30 and its two-hundred day simple moving average is $83.84. 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 data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The company had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter last year, the business posted $1.20 EPS. Analysts predict that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.09%. Medtronic’s payout ratio is currently 94.59%.

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.