RPG Investment Advisory LLC Purchases 42,279 Shares of Medtronic plc (NYSE:MDT)

RPG Investment Advisory LLC boosted its holdings in shares of Medtronic plc (NYSE:MDT) by 39.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 149,611 shares of the medical technology company’s stock after buying an additional 42,279 shares during the period. Medtronic comprises 1.7% of RPG Investment Advisory LLC’s portfolio, making the stock its 23rd largest holding. RPG Investment Advisory LLC’s holdings in Medtronic were worth $11,776,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. LifeSteps Financial Inc. bought a new stake in Medtronic in the first quarter valued at about $27,000. Lynx Investment Advisory bought a new stake in shares of Medtronic in the 2nd quarter valued at approximately $28,000. Tributary Capital Management LLC bought a new stake in shares of Medtronic in the 1st quarter valued at approximately $33,000. Fortis Group Advisors LLC raised its holdings in shares of 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 buying an additional 230 shares in the last quarter. Finally, Riverview Trust Co bought a new position in shares of Medtronic during the 1st quarter worth approximately $39,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of NYSE:MDT opened at $90.60 on Tuesday. The stock has a market capitalization of $116.19 billion, a P/E ratio of 32.95, a P/E/G ratio of 2.56 and a beta of 0.84. 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 plc has a 1-year low of $68.84 and a 1-year high of $91.49. The business has a 50-day moving average price of $82.56 and a two-hundred day moving average price of $82.62.

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 the consensus estimate of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same period in the prior year, the business posted $1.20 earnings per share. Medtronic’s revenue was up 3.4% compared to the same quarter last year. Equities analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.09%. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. The Goldman Sachs Group assumed coverage on shares of Medtronic in a research note on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price on the stock. Barclays boosted their price target on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Wells Fargo & Company lifted their target price on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Daiwa America upgraded Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Finally, Truist Financial raised their price target on Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a report on Friday, August 23rd. One analyst has rated the stock with a sell rating, nine have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price 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.