SPC Financial Inc. Increases Stock Holdings in Medtronic plc (NYSE:MDT)

SPC Financial Inc. grew its stake in Medtronic plc (NYSE:MDT) by 11.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,301 shares of the medical technology company’s stock after purchasing an additional 1,081 shares during the period. SPC Financial Inc.’s holdings in Medtronic were worth $811,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of MDT. M&G Plc acquired a new position in Medtronic in the 1st quarter valued at $259,160,000. Capital Research Global Investors increased its stake in shares of Medtronic by 7.1% during the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after acquiring an additional 2,044,109 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in Medtronic by 145.4% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,372,641 shares of the medical technology company’s stock worth $195,431,000 after purchasing an additional 1,405,978 shares in the last quarter. Hotchkis & Wiley Capital Management LLC lifted its position in Medtronic by 26.8% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 6,237,032 shares of the medical technology company’s stock valued at $513,807,000 after purchasing an additional 1,318,590 shares during the period. Finally, Morningstar Investment Services LLC boosted its holdings in Medtronic by 207.7% in the 4th quarter. Morningstar Investment Services LLC now owns 1,551,322 shares of the medical technology company’s stock valued at $128,341,000 after purchasing an additional 1,047,210 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Daiwa America raised Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Wells Fargo & Company raised their target price on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Robert W. Baird boosted their target price on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Piper Sandler increased their price target on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Finally, Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Medtronic presently has an average rating of “Hold” and an average price target of $92.92.

Medtronic Trading Up 0.8 %

Shares of MDT opened at $90.03 on Tuesday. 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 plc has a 1-year low of $68.84 and a 1-year high of $91.49. The stock has a market cap of $115.44 billion, a price-to-earnings ratio of 32.74, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84. The firm has a 50 day simple moving average of $86.00 and a 200-day simple moving average of $83.15.

Medtronic (NYSE:MDT) last released its quarterly 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. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter last year, the business posted $1.20 earnings per share. Medtronic’s revenue was up 3.4% compared to the same quarter last year. Equities analysts forecast that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be issued a $0.70 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.11%. Medtronic’s dividend payout ratio (DPR) is 101.82%.

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.