Pathway Financial Advisers LLC Boosts Stock Position in Medtronic plc (NYSE:MDT)

Pathway Financial Advisers LLC increased its stake in shares of Medtronic plc (NYSE:MDT) by 3.1% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 40,637 shares of the medical technology company’s stock after buying an additional 1,216 shares during the quarter. Pathway Financial Advisers LLC’s holdings in Medtronic were worth $3,659,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Chemung Canal Trust Co. boosted its position in shares of Medtronic by 1,467.5% during the 1st quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock valued at $4,175,000 after acquiring an additional 44,846 shares during the last quarter. Manning & Napier Advisors LLC purchased a new stake in shares of Medtronic in the 2nd quarter valued at approximately $25,643,000. SageView Advisory Group LLC increased its holdings in shares of Medtronic by 130.3% during the 1st quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock worth $1,467,000 after buying an additional 9,523 shares during the last quarter. Daiwa Securities Group Inc. raised its position in shares of Medtronic by 10.0% during the 1st quarter. Daiwa Securities Group Inc. now owns 135,268 shares of the medical technology company’s stock valued at $11,789,000 after buying an additional 12,250 shares during the period. Finally, Burns J W & Co. Inc. NY lifted its holdings in Medtronic by 17.4% in the first quarter. Burns J W & Co. Inc. NY now owns 3,276 shares of the medical technology company’s stock valued at $286,000 after acquiring an additional 486 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Friday. Robert W. Baird upped their price objective on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Finally, UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and lifted their target price for the company from $76.00 to $90.00 in a report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and a consensus target price of $95.36.

Medtronic Stock Down 0.4 %

NYSE:MDT traded down $0.40 during trading hours on Friday, hitting $90.59. The company’s stock had a trading volume of 3,446,977 shares, compared to its average volume of 6,215,464. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $92.68. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $116.18 billion, a P/E ratio of 30.60, a price-to-earnings-growth ratio of 2.60 and a beta of 0.84. The stock has a fifty day moving average of $89.30 and a 200-day moving average of $83.84.

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

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is currently 94.59%.

About Medtronic

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.