Smith Salley Wealth Management Acquires 16,402 Shares of Medtronic plc (NYSE:MDT)

Smith Salley Wealth Management grew its stake in Medtronic plc (NYSE:MDT) by 10.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 173,168 shares of the medical technology company’s stock after acquiring an additional 16,402 shares during the period. Smith Salley Wealth Management’s holdings in Medtronic were worth $15,590,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Lynx Investment Advisory bought a new position in Medtronic in the second quarter valued at approximately $28,000. Tributary Capital Management LLC acquired a new stake in shares of Medtronic in the 1st quarter valued at approximately $33,000. Gleason Group Inc. bought a new position in shares of Medtronic in the second quarter valued at $42,000. Opal Wealth Advisors LLC acquired a new position in Medtronic during the second quarter worth $43,000. Finally, Olistico Wealth LLC bought a new stake in Medtronic during the second quarter worth $45,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of NYSE:MDT opened at $90.59 on Friday. The firm has a 50 day moving average of $89.30 and a 200-day moving average of $83.84. Medtronic plc has a 12 month low of $68.84 and a 12 month 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 $116.18 billion, a PE ratio of 30.60, a PEG ratio of 2.60 and a beta of 0.84.

Medtronic (NYSE:MDT) last released 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. The business had revenue of $7.97 billion for the quarter, compared to analyst estimates 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 last year, the firm posted $1.20 earnings per share. On average, equities research analysts predict that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

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

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MDT. Truist Financial boosted their price objective on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Monday, October 14th. Wells Fargo & Company upped their price objective on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Stifel Nicolaus increased 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. Finally, Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $95.36.

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.