Ceredex Value Advisors LLC Makes New Investment in Medtronic plc (NYSE:MDT)

Ceredex Value Advisors LLC purchased a new stake in shares of Medtronic plc (NYSE:MDT) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 416,726 shares of the medical technology company’s stock, valued at approximately $37,807,000.

Other institutional investors have also recently made changes to their positions in the company. Clear Harbor Asset Management LLC lifted its holdings in Medtronic by 1.2% in the 3rd quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock worth $861,000 after purchasing an additional 111 shares in the last quarter. First PREMIER Bank lifted its holdings in shares of Medtronic by 1.8% in the third quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock worth $577,000 after buying an additional 116 shares in the last quarter. Precision Wealth Strategies LLC boosted its position in shares of Medtronic by 3.3% during the third quarter. Precision Wealth Strategies LLC now owns 3,741 shares of the medical technology company’s stock worth $337,000 after acquiring an additional 118 shares during the last quarter. Lake Street Advisors Group LLC grew its stake in Medtronic by 2.0% during the third quarter. Lake Street Advisors Group LLC now owns 6,024 shares of the medical technology company’s stock valued at $547,000 after acquiring an additional 118 shares in the last quarter. Finally, Quent Capital LLC lifted its stake in Medtronic by 8.0% in the 1st quarter. Quent Capital LLC now owns 1,680 shares of the medical technology company’s stock worth $146,000 after purchasing an additional 125 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

MDT has been the topic of several research reports. Stifel Nicolaus lifted their target price on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Daiwa America raised Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Citigroup increased their target price on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. Truist Financial boosted their price target on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research report on Monday, October 14th. Finally, Wells Fargo & Company lifted their price objective on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” 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 company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $95.36.

Medtronic Trading Up 0.9 %

MDT opened at $90.07 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The stock’s 50 day moving average price is $89.64 and its 200-day moving average price is $84.13. Medtronic plc has a one year low of $69.32 and a one year high of $92.68. The stock has a market cap of $115.51 billion, a price-to-earnings ratio of 30.43, a P/E/G ratio of 2.59 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings data 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 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 quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.20 EPS. On average, equities analysts forecast that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a $0.70 dividend. The ex-dividend date was Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.11%. Medtronic’s dividend payout ratio (DPR) is 94.59%.

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.