Parisi Gray Wealth Management Purchases New Stake in Medtronic plc (NYSE:MDT)

Parisi Gray Wealth Management purchased a new stake in shares of Medtronic plc (NYSE:MDT) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 482 shares of the medical technology company’s stock, valued at approximately $60,000.

Several other hedge funds have also recently bought and sold shares of MDT. E Fund Management Co. Ltd. bought a new position in Medtronic during the 1st quarter worth $378,000. Texas Yale Capital Corp. bought a new position in Medtronic during the 1st quarter worth $236,000. Cresset Asset Management LLC grew its stake in Medtronic by 57.3% during the 1st quarter. Cresset Asset Management LLC now owns 32,903 shares of the medical technology company’s stock worth $3,905,000 after buying an additional 11,983 shares during the last quarter. Harbour Investments Inc. bought a new position in Medtronic during the 1st quarter worth $50,000. Finally, M Holdings Securities Inc. bought a new position in shares of Medtronic in the first quarter worth $1,095,000. 79.59% of the stock is currently owned by institutional investors and hedge funds.

Several research analysts have recently issued reports on MDT shares. Credit Suisse Group increased their price target on Medtronic from $137.00 to $146.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 25th. Truist upped their target price on Medtronic from $138.00 to $148.00 and gave the company a “buy” rating in a report on Wednesday, August 25th. Morgan Stanley upped their target price on Medtronic from $140.00 to $154.00 and gave the company an “overweight” rating in a report on Wednesday, August 25th. Piper Sandler reaffirmed an “overweight” rating and set a $152.00 target price (up from $140.00) on shares of Medtronic in a report on Tuesday, August 24th. Finally, UBS Group increased their price objective on Medtronic from $145.00 to $149.00 and gave the stock a “buy” rating in a research note on Wednesday, August 25th. Five investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Medtronic has a consensus rating of “Buy” and an average price target of $144.18.

Shares of MDT opened at $122.57 on Thursday. The stock has a fifty day moving average price of $129.46 and a two-hundred day moving average price of $127.14. The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.34 and a current ratio of 2.89. Medtronic plc has a 52-week low of $98.94 and a 52-week high of $135.89. The company has a market cap of $164.72 billion, a price-to-earnings ratio of 42.86, a PEG ratio of 2.62 and a beta of 0.80.

Medtronic (NYSE:MDT) last posted its earnings results on Monday, August 23rd. The medical technology company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.32 by $0.09. Medtronic had a return on equity of 13.85% and a net margin of 12.29%. The firm had revenue of $7.99 billion during the quarter, compared to analysts’ expectations of $7.88 billion. During the same period in the previous year, the firm earned $0.62 earnings per share. The company’s revenue was up 22.7% on a year-over-year basis. As a group, research analysts predict that Medtronic plc will post 5.7 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 15th. Shareholders of record on Friday, September 24th will be paid a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 2.06%. The ex-dividend date of this dividend is Thursday, September 23rd.

In related news, SVP Bradley E. Lerman sold 49,147 shares of the business’s stock in a transaction dated Thursday, September 30th. The shares were sold at an average price of $126.58, for a total transaction of $6,221,027.26. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Bradley E. Lerman sold 4,000 shares of the stock in a transaction that occurred on Monday, August 2nd. The shares were sold at an average price of $131.52, for a total transaction of $526,080.00. The disclosure for this sale can be found here. Insiders sold a total of 143,922 shares of company stock valued at $18,906,460 over the last quarter. 0.47% of the stock is owned by corporate insiders.

About Medtronic

Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiac and Vascular Group; Minimally Invasive Technologies Group; Restorative Therapies Group; and Diabetes Group.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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