Bleakley Financial Group LLC Has $5.73 Million Stock Position in Medtronic plc (NYSE:MDT)

Bleakley Financial Group LLC boosted its position in shares of Medtronic plc (NYSE:MDT) by 13.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 63,622 shares of the medical technology company’s stock after purchasing an additional 7,786 shares during the period. Bleakley Financial Group LLC’s holdings in Medtronic were worth $5,728,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of MDT. Lynx Investment Advisory bought a new position in shares of Medtronic in the second quarter worth about $28,000. Tributary Capital Management LLC bought a new position in shares of Medtronic in the first quarter worth about $33,000. Riverview Trust Co bought a new position in shares of Medtronic in the first quarter worth about $39,000. Gleason Group Inc. bought a new position in shares of Medtronic in the second quarter worth about $42,000. Finally, Opal Wealth Advisors LLC bought a new position in shares of Medtronic in the second quarter worth about $43,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Down 0.2 %

Shares of MDT opened at $89.78 on Friday. The company has a market capitalization of $115.12 billion, a P/E ratio of 32.65, a PEG ratio of 2.53 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. Medtronic plc has a one year low of $68.84 and a one year high of $91.49. The business’s 50 day simple moving average is $88.25 and its 200-day simple moving average is $83.56.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.20 by $0.03. The business had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. Medtronic’s revenue was up 3.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.20 EPS. As a group, sell-side analysts predict that Medtronic plc will post 5.44 EPS for the current fiscal 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 given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.12%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Stifel Nicolaus boosted their price target on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Evercore ISI boosted their price target on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Oppenheimer boosted their price target on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. Truist Financial boosted their price target on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $95.36.

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.