Parcion Private Wealth LLC Has $8.73 Million Stock Holdings in Medtronic plc (NYSE:MDT)

Parcion Private Wealth LLC lifted its position in shares of Medtronic plc (NYSE:MDT) by 9.5% during the third quarter, Holdings Channel.com reports. The firm owned 96,951 shares of the medical technology company’s stock after purchasing an additional 8,384 shares during the period. Medtronic accounts for 0.7% of Parcion Private Wealth LLC’s holdings, making the stock its 26th biggest position. Parcion Private Wealth LLC’s holdings in Medtronic were worth $8,729,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in MDT. Allworth Financial LP raised its stake in shares of Medtronic by 11.2% in the third quarter. Allworth Financial LP now owns 28,353 shares of the medical technology company’s stock worth $2,553,000 after purchasing an additional 2,859 shares during the last quarter. Signet Investment Advisory Group Inc. grew its holdings in Medtronic by 3.9% during the third quarter. Signet Investment Advisory Group Inc. now owns 21,377 shares of the medical technology company’s stock worth $1,925,000 after buying an additional 810 shares in the last quarter. Lake Street Advisors Group LLC grew its holdings in Medtronic by 2.0% during the third quarter. Lake Street Advisors Group LLC now owns 6,024 shares of the medical technology company’s stock worth $547,000 after buying an additional 118 shares in the last quarter. Strategic Investment Solutions Inc. IL raised its position in Medtronic by 7.0% in the 3rd quarter. Strategic Investment Solutions Inc. IL now owns 2,099 shares of the medical technology company’s stock valued at $189,000 after buying an additional 137 shares during the last quarter. Finally, Hudock Inc. bought a new position in Medtronic during the 3rd quarter valued at $217,000. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Down 0.4 %

Shares of NYSE MDT opened at $90.59 on Friday. The company has a market cap of $116.18 billion, a P/E ratio of 30.60, a PEG ratio of 2.60 and a beta of 0.84. The firm has a 50-day simple moving average of $89.30 and a two-hundred day simple moving average of $83.84. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $92.68. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same period in the prior year, the firm earned $1.20 EPS. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. Research analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given a $0.70 dividend. 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 payout ratio is currently 94.59%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MDT. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and increased their target price for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Barclays upped their target price on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Oppenheimer lifted their price target on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. Finally, Citigroup upped their price objective on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. One investment 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 company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $95.36.

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.