Choreo LLC Has $3.68 Million Stock Holdings in Medtronic plc (NYSE:MDT)

Choreo LLC lifted its stake in Medtronic plc (NYSE:MDT) by 220.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 47,543 shares of the medical technology company’s stock after acquiring an additional 32,709 shares during the quarter. Choreo LLC’s holdings in Medtronic were worth $3,676,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. LifeSteps Financial Inc. bought a new stake in shares of Medtronic during the 1st quarter worth approximately $27,000. Lynx Investment Advisory bought a new stake in Medtronic during the second quarter worth $28,000. Tributary Capital Management LLC bought a new stake in Medtronic during the first quarter worth $33,000. Fortis Group Advisors LLC lifted its stake in Medtronic by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after acquiring an additional 230 shares during the last quarter. Finally, Riverview Trust Co bought a new position in shares of Medtronic in the 1st quarter valued at about $39,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

NYSE MDT opened at $90.60 on Tuesday. The firm has a 50-day moving average price of $82.56 and a two-hundred day moving average price of $82.62. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $91.49. The company has a market capitalization of $116.19 billion, a P/E ratio of 32.95, a P/E/G ratio of 2.56 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same period in the previous year, the company posted $1.20 earnings per share. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. Analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.09%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is currently 101.82%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MDT. Wells Fargo & Company upped their target price on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Stifel Nicolaus raised 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. Oppenheimer boosted their target price on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. Barclays raised their price target on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Finally, The Goldman Sachs Group assumed coverage on shares of Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price objective on the stock. One research analyst has rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $92.92.

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.