Northwest Investment Counselors LLC Increases Stake in Medtronic plc (NYSE:MDT)

Northwest Investment Counselors LLC raised its stake in shares of Medtronic plc (NYSE:MDT) by 2.6% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 34,791 shares of the medical technology company’s stock after acquiring an additional 869 shares during the period. Northwest Investment Counselors LLC’s holdings in Medtronic were worth $3,132,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Chemung Canal Trust Co. grew its holdings in shares of Medtronic by 1,467.5% in the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock valued at $4,175,000 after purchasing an additional 44,846 shares in the last quarter. Manning & Napier Advisors LLC purchased a new stake in Medtronic in the second quarter valued at approximately $25,643,000. SageView Advisory Group LLC boosted its position in Medtronic by 130.3% in the first quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock valued at $1,467,000 after buying an additional 9,523 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in Medtronic by 10.0% in the first quarter. Daiwa Securities Group Inc. now owns 135,268 shares of the medical technology company’s stock valued at $11,789,000 after buying an additional 12,250 shares during the last quarter. Finally, Burns J W & Co. Inc. NY lifted its holdings in Medtronic by 17.4% in the first quarter. Burns J W & Co. Inc. NY now owns 3,276 shares of the medical technology company’s stock valued at $286,000 after acquiring an additional 486 shares during the period. Institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on MDT shares. Robert W. Baird upped their target price on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Piper Sandler increased their price target on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Evercore ISI increased their price target on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Finally, Stifel Nicolaus lifted their price objective on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $95.36.

Medtronic Stock Performance

MDT traded down $0.88 on Monday, hitting $91.36. 2,314,334 shares of the stock traded hands, compared to its average volume of 6,236,458. The firm has a market capitalization of $117.15 billion, a PE ratio of 33.54, a P/E/G ratio of 2.53 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 52 week low of $68.84 and a 52 week high of $92.25. The business has a fifty day moving average price of $88.45 and a two-hundred day moving average price of $83.58.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.20 by $0.03. The company had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.20 EPS. On average, research analysts predict that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date was Friday, September 27th. Medtronic’s payout ratio is presently 101.82%.

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.