Verdence Capital Advisors LLC Purchases 885 Shares of Medtronic plc (NYSE:MDT)

Verdence Capital Advisors LLC boosted its position in Medtronic plc (NYSE:MDT) by 10.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,631 shares of the medical technology company’s stock after purchasing an additional 885 shares during the period. Verdence Capital Advisors LLC’s holdings in Medtronic were worth $867,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in MDT. GSA Capital Partners LLP raised its holdings in Medtronic by 73.0% in the 1st quarter. GSA Capital Partners LLP now owns 4,945 shares of the medical technology company’s stock worth $431,000 after purchasing an additional 2,086 shares during the period. Quantbot Technologies LP bought a new position in shares of Medtronic in the first quarter worth about $904,000. Meeder Asset Management Inc. lifted its position in shares of Medtronic by 11.3% during the 1st quarter. Meeder Asset Management Inc. now owns 3,692 shares of the medical technology company’s stock valued at $322,000 after buying an additional 375 shares in the last quarter. Meeder Advisory Services Inc. lifted its position in shares of Medtronic by 6.2% during the 1st quarter. Meeder Advisory Services Inc. now owns 13,589 shares of the medical technology company’s stock valued at $1,184,000 after buying an additional 793 shares in the last quarter. Finally, Thoroughbred Financial Services LLC bought a new position in shares of Medtronic during the 1st quarter valued at approximately $404,000. 82.06% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have weighed in on MDT. Oppenheimer lifted their price target on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. Citigroup lifted their target price on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. Barclays raised their price target on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Finally, Stifel Nicolaus boosted their price objective on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Medtronic currently has an average rating of “Hold” and a consensus target price of $95.36.

Medtronic Stock Performance

NYSE MDT opened at $87.72 on Monday. The stock has a market capitalization of $112.50 billion, a PE ratio of 29.64, a P/E/G ratio of 2.51 and a beta of 0.84. Medtronic plc has a 1-year low of $69.32 and a 1-year high of $92.68. The business has a 50 day simple moving average of $89.68 and a two-hundred day simple moving average of $84.48. 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 posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The firm had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. Medtronic’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period last year, the firm posted $1.20 earnings per share. On average, research analysts predict that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm 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 annualized dividend and a dividend yield of 3.19%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend 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.