Medtronic plc (NYSE:MDT) Shares Bought by First Trust Direct Indexing L.P.

First Trust Direct Indexing L.P. grew its position in Medtronic plc (NYSE:MDT) by 16.7% in the third quarter, HoldingsChannel reports. The institutional investor owned 36,940 shares of the medical technology company’s stock after acquiring an additional 5,282 shares during the period. First Trust Direct Indexing L.P.’s holdings in Medtronic were worth $3,326,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of MDT. Fortitude Family Office LLC purchased a new stake in Medtronic during the third quarter worth about $27,000. Highline Wealth Partners LLC acquired a new position in shares of Medtronic in the third quarter valued at approximately $27,000. Lynx Investment Advisory purchased a new stake in Medtronic during the 2nd quarter worth approximately $28,000. Gleason Group Inc. acquired a new stake in Medtronic during the 2nd quarter worth approximately $42,000. Finally, Opal Wealth Advisors LLC acquired a new stake in Medtronic during the 2nd quarter worth approximately $43,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of Medtronic stock traded up $0.73 on Wednesday, hitting $91.05. The stock had a trading volume of 1,636,527 shares, compared to its average volume of 6,189,331. The company’s 50 day moving average price is $89.52 and its 200 day moving average price is $83.98. The stock has a market cap of $116.75 billion, a price-to-earnings ratio of 32.85, a P/E/G ratio of 2.60 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 $69.32 and a 52-week high of $92.68.

Medtronic (NYSE:MDT) last posted 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 during 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%. The company’s revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.20 earnings per share. On average, research analysts anticipate that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a $0.70 dividend. The ex-dividend date was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.08%. Medtronic’s payout ratio is 101.82%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MDT. Piper Sandler increased their price objective on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Wells Fargo & Company increased their price target on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Stifel Nicolaus boosted their price objective on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and raised their target price for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Finally, Citigroup boosted their price target on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price 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.