Empire Financial Management Company LLC Increases Holdings in Medtronic plc (NYSE:MDT)

Empire Financial Management Company LLC increased its holdings in Medtronic plc (NYSE:MDT) by 1.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 26,981 shares of the medical technology company’s stock after buying an additional 493 shares during the quarter. Empire Financial Management Company LLC’s holdings in Medtronic were worth $2,429,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Wedmont Private Capital raised its position in Medtronic by 14.3% during the second quarter. Wedmont Private Capital now owns 4,341 shares of the medical technology company’s stock valued at $338,000 after acquiring an additional 543 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Medtronic by 6.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 368,682 shares of the medical technology company’s stock worth $29,019,000 after purchasing an additional 21,995 shares during the period. ORG Partners LLC purchased a new position in shares of Medtronic during the 2nd quarter valued at approximately $309,000. Envestnet Portfolio Solutions Inc. lifted its stake in shares of Medtronic by 1.0% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 182,806 shares of the medical technology company’s stock valued at $14,389,000 after purchasing an additional 1,733 shares during the period. Finally, Cornerstone Wealth Management LLC grew its position in Medtronic by 4.7% during the second quarter. Cornerstone Wealth Management LLC now owns 12,192 shares of the medical technology company’s stock valued at $960,000 after buying an additional 549 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Down 0.4 %

Shares of NYSE MDT opened at $83.60 on Wednesday. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The company has a 50-day moving average of $88.13 and a 200 day moving average of $85.01. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $92.68. The stock has a market cap of $107.20 billion, a PE ratio of 25.57, a P/E/G ratio of 2.38 and a beta of 0.82.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.25 by $0.01. The firm had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.25 earnings per share. As a group, sell-side analysts predict that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend is Friday, December 27th. Medtronic’s dividend payout ratio is currently 85.63%.

Wall Street Analyst Weigh In

MDT has been the subject of a number of analyst reports. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Robert W. Baird lowered their price target on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 20th. Stifel Nicolaus boosted their price objective on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and increased their target price for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Finally, 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 report on Monday, October 14th. One analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $95.27.

Medtronic 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.