Medtronic plc (NYSE:MDT) Shares Acquired by Beta Wealth Group Inc.

Beta Wealth Group Inc. lifted its position in Medtronic plc (NYSE:MDT) by 4.6% during the third quarter, HoldingsChannel.com reports. The fund owned 6,918 shares of the medical technology company’s stock after acquiring an additional 306 shares during the period. Beta Wealth Group Inc.’s holdings in Medtronic were worth $623,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in MDT. Fortitude Family Office LLC purchased a new position in shares of Medtronic in the third quarter worth about $27,000. Highline Wealth Partners LLC acquired a new stake in shares of Medtronic in the third quarter valued at approximately $27,000. Lynx Investment Advisory acquired a new stake in shares of Medtronic in the second quarter valued at approximately $28,000. Gleason Group Inc. purchased a new position in Medtronic during the second quarter worth approximately $42,000. Finally, Opal Wealth Advisors LLC acquired a new position in Medtronic during the second quarter worth $43,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Down 0.5 %

Shares of NYSE:MDT opened at $87.72 on Friday. The firm has a market capitalization of $112.50 billion, a PE ratio of 29.64, a price-to-earnings-growth ratio of 2.58 and a beta of 0.84. Medtronic plc has a 1 year low of $69.32 and a 1 year high of $92.68. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The firm’s 50-day moving average is $89.68 and its two-hundred day moving average is $84.46.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.20 EPS. Analysts predict that Medtronic plc will post 5.44 EPS for the current 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 dividend of $0.70 per share. The ex-dividend date was Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.19%. Medtronic’s payout ratio is 94.59%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Evercore ISI lifted their target price on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Piper Sandler raised their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Friday, October 25th. Finally, Citigroup increased their price objective on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Medtronic currently has a consensus 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.