Hudock Inc. Takes Position in Medtronic plc (NYSE:MDT)

Hudock Inc. purchased a new position in Medtronic plc (NYSE:MDT) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,412 shares of the medical technology company’s stock, valued at approximately $217,000.

A number of other hedge funds also recently bought and sold shares of the business. Financial Partners Group LLC grew its position in Medtronic by 2.8% in the third quarter. Financial Partners Group LLC now owns 44,527 shares of the medical technology company’s stock worth $4,009,000 after acquiring an additional 1,205 shares in the last quarter. Element Wealth LLC bought a new position in shares of Medtronic during the 3rd quarter valued at approximately $257,000. Nicholson Wealth Management Group LLC bought a new stake in Medtronic in the third quarter worth $583,000. Legacy Capital Group California Inc. raised its stake in shares of Medtronic by 4.6% in the third quarter. Legacy Capital Group California Inc. now owns 12,656 shares of the medical technology company’s stock valued at $1,139,000 after acquiring an additional 557 shares during the period. Finally, Dakota Wealth Management lifted its holdings in shares of Medtronic by 15.3% in the 3rd quarter. Dakota Wealth Management now owns 52,342 shares of the medical technology company’s stock worth $4,713,000 after acquiring an additional 6,951 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Trading Down 0.5 %

Medtronic stock traded down $0.46 during midday trading on Friday, hitting $90.53. 638,649 shares of the stock were exchanged, compared to its average volume of 6,201,181. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $92.68. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $116.10 billion, a price-to-earnings ratio of 30.54, a PEG ratio of 2.60 and a beta of 0.84. The stock’s 50-day simple moving average is $89.04 and its 200 day simple moving average is $83.74.

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

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is 94.59%.

Wall Street Analysts Forecast Growth

MDT has been the topic of several recent analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. Stifel Nicolaus lifted their price target on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Truist Financial increased their price objective on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Monday, October 14th. Piper Sandler upped their target price on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Finally, UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and increased their price target for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. 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 assigned a strong buy rating to the company. Based on data from MarketBeat, Medtronic presently has an average rating of “Hold” and a consensus 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.