Medtronic plc (NYSE:MDT) Stake Raised by VELA Investment Management LLC

VELA Investment Management LLC raised its holdings in shares of Medtronic plc (NYSE:MDT) by 24.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,037 shares of the medical technology company’s stock after acquiring an additional 10,050 shares during the quarter. Medtronic makes up 1.2% of VELA Investment Management LLC’s investment portfolio, making the stock its 16th largest holding. VELA Investment Management LLC’s holdings in Medtronic were worth $4,017,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. LifeSteps Financial Inc. purchased a new position in Medtronic during the first quarter valued at approximately $27,000. Lynx Investment Advisory purchased a new position in shares of Medtronic during the 2nd quarter valued at $28,000. Tributary Capital Management LLC purchased a new stake in shares of Medtronic during the first quarter worth $33,000. Riverview Trust Co purchased a new position in Medtronic in the first quarter valued at about $39,000. Finally, Fortis Group Advisors LLC increased its position in Medtronic by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after purchasing an additional 230 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of NYSE:MDT opened at $89.39 on Friday. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The business has a 50 day moving average price of $82.06 and a 200 day moving average price of $82.59. The company has a market cap of $114.62 billion, a price-to-earnings ratio of 32.51, a PEG ratio of 2.52 and a beta of 0.82. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.49.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating 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 company had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same period in the prior year, the business earned $1.20 earnings per share. Medtronic’s revenue for the quarter was up 3.4% compared to the same quarter last year. Research analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.13%. Medtronic’s payout ratio is 101.82%.

Wall Street Analyst Weigh In

MDT has been the topic of a number of research reports. Stifel Nicolaus increased their price objective on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Barclays upped their price objective on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Truist Financial boosted their price target on Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research report on Friday, August 23rd. Finally, Citigroup lowered their price objective on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Medtronic currently has a consensus rating of “Hold” and an average price target of $92.92.

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.