MADDEN SECURITIES Corp Purchases New Position in Medtronic plc (NYSE:MDT)

MADDEN SECURITIES Corp acquired a new position in shares of Medtronic plc (NYSE:MDT) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 2,435 shares of the medical technology company’s stock, valued at approximately $219,000.

A number of other institutional investors also recently made changes to their positions in MDT. Lynx Investment Advisory bought a new stake in shares of Medtronic in the second quarter valued at about $28,000. Tributary Capital Management LLC bought a new position in Medtronic during the 1st quarter worth $33,000. Fortis Group Advisors LLC raised its holdings in Medtronic by 100.0% in the 4th 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 in the last quarter. Riverview Trust Co bought a new stake in shares of Medtronic during the 1st quarter valued at $39,000. Finally, Gleason Group Inc. acquired a new stake in shares of Medtronic during the 2nd quarter worth $42,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of NYSE MDT opened at $89.35 on Friday. The company has a market capitalization of $114.57 billion, a PE ratio of 32.49, a P/E/G ratio of 2.53 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 plc has a twelve month low of $68.84 and a twelve month high of $91.49. The firm has a fifty day simple moving average of $87.54 and a 200 day simple moving average of $83.46.

Medtronic (NYSE:MDT) last posted its quarterly earnings data 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. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same period last year, the company posted $1.20 EPS. The business’s quarterly revenue was up 3.4% on a year-over-year basis. On average, sell-side analysts forecast that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Announces Dividend

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. This represents a $2.80 annualized dividend and a yield of 3.13%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio is presently 101.82%.

Analyst Ratings Changes

A number of analysts have recently weighed in on MDT shares. Robert W. Baird upped their price target on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Oppenheimer lifted their target price on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report on Wednesday, August 21st. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and raised their price target for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $98.00 to $105.00 in a research note on Thursday. Finally, Piper Sandler boosted their price target on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. 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 stock. According to MarketBeat.com, Medtronic presently has an average rating of “Hold” and an average price target of $95.14.

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.