Keystone Financial Services Acquires 492 Shares of Medtronic plc (NYSE:MDT)

Keystone Financial Services raised its holdings in shares of Medtronic plc (NYSE:MDT) by 8.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,136 shares of the medical technology company’s stock after purchasing an additional 492 shares during the period. Keystone Financial Services’ holdings in Medtronic were worth $552,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the business. WCM Investment Management LLC acquired a new position in shares of Medtronic during the third quarter worth $1,739,000. Laffer Tengler Investments Inc. increased its position in shares of Medtronic by 0.4% during the third quarter. Laffer Tengler Investments Inc. now owns 50,101 shares of the medical technology company’s stock worth $4,511,000 after purchasing an additional 222 shares in the last quarter. GDS Wealth Management acquired a new position in shares of Medtronic during the third quarter worth $272,000. Marshall Financial Group Inc. ADV acquired a new position in shares of Medtronic during the third quarter worth $208,000. Finally, Catalytic Wealth RIA LLC increased its position in shares of Medtronic by 25.0% during the third quarter. Catalytic Wealth RIA LLC now owns 21,998 shares of the medical technology company’s stock worth $1,980,000 after purchasing an additional 4,399 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MDT. Citigroup upped their price target on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Truist Financial upped their price target on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a report on Monday, October 14th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Friday, October 25th. Finally, Piper Sandler upped their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research 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 issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $95.36.

Medtronic Stock Up 0.6 %

MDT opened at $88.27 on Tuesday. The company has a market cap of $113.20 billion, a PE ratio of 29.82, a price-to-earnings-growth ratio of 2.51 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 $71.64 and a twelve month high of $92.68. The company has a 50-day moving average price of $89.68 and a 200 day moving average price of $84.51.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The company had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. Medtronic’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.20 EPS. Sell-side analysts expect that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a $0.70 dividend. The ex-dividend date was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.17%. Medtronic’s payout ratio is 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.