Medtronic plc (NYSE:MDT) Shares Bought by Syntax Research Inc.

Syntax Research Inc. increased its holdings in Medtronic plc (NYSE:MDT) by 593.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 6,319 shares of the medical technology company’s stock after buying an additional 5,408 shares during the period. Syntax Research Inc.’s holdings in Medtronic were worth $569,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the business. Fortitude Family Office LLC bought a new position in shares of Medtronic during the third quarter valued at approximately $27,000. Highline Wealth Partners LLC bought a new position in Medtronic during the 3rd quarter worth $27,000. Darwin Wealth Management LLC bought a new stake in Medtronic in the third quarter valued at $27,000. J. Stern & Co. LLP acquired a new position in shares of Medtronic during the third quarter valued at $30,000. Finally, Chelsea Counsel Co. bought a new position in shares of Medtronic during the third quarter worth about $45,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Trading Up 0.0 %

Shares of NYSE MDT opened at $81.37 on Wednesday. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $92.68. The company has a market cap of $104.34 billion, a price-to-earnings ratio of 24.88, a P/E/G ratio of 2.35 and a beta of 0.82. The business has a fifty day simple moving average of $87.41 and a 200-day simple moving average of $85.04.

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

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.44%. The ex-dividend date of this dividend is Friday, December 27th. Medtronic’s dividend payout ratio is currently 85.63%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. Stifel Nicolaus increased their price objective on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Citigroup increased their price objective on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. Finally, Truist Financial raised their target price on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $95.27.

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.