Fifth Third Bancorp Boosts Stake in Medtronic PLC $MDT

Fifth Third Bancorp raised its holdings in shares of Medtronic PLC (NYSE:MDT) by 6.3% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 200,328 shares of the medical technology company’s stock after purchasing an additional 11,806 shares during the quarter. Fifth Third Bancorp’s holdings in Medtronic were worth $19,079,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Riverbend Wealth Management LLC boosted its holdings in Medtronic by 3.2% during the 3rd quarter. Riverbend Wealth Management LLC now owns 3,487 shares of the medical technology company’s stock valued at $332,000 after acquiring an additional 107 shares during the period. Wynn Capital LLC increased its stake in Medtronic by 2.4% in the third quarter. Wynn Capital LLC now owns 4,639 shares of the medical technology company’s stock worth $442,000 after purchasing an additional 110 shares during the period. Meridian Investment Counsel Inc. boosted its stake in shares of Medtronic by 0.4% during the third quarter. Meridian Investment Counsel Inc. now owns 28,268 shares of the medical technology company’s stock valued at $2,692,000 after purchasing an additional 110 shares during the period. Saxony Capital Management LLC grew its holdings in shares of Medtronic by 3.8% in the third quarter. Saxony Capital Management LLC now owns 3,046 shares of the medical technology company’s stock worth $290,000 after purchasing an additional 112 shares during the last quarter. Finally, Cape Investment Advisory Inc. grew its holdings in shares of Medtronic by 3.2% in the second quarter. Cape Investment Advisory Inc. now owns 3,605 shares of the medical technology company’s stock worth $314,000 after purchasing an additional 113 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Trading Down 1.3%

Shares of NYSE:MDT opened at $99.57 on Tuesday. The company has a market capitalization of $127.65 billion, a PE ratio of 26.84, a P/E/G ratio of 2.62 and a beta of 0.71. The company has a current ratio of 2.42, a quick ratio of 1.80 and a debt-to-equity ratio of 0.57. Medtronic PLC has a 12-month low of $79.55 and a 12-month high of $106.33. The business’s fifty day simple moving average is $99.25 and its 200-day simple moving average is $96.53.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, November 18th. The medical technology company reported $1.36 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.05. Medtronic had a return on equity of 14.86% and a net margin of 13.71%.The firm had revenue of $8.96 billion during the quarter, compared to analysts’ expectations of $8.86 billion. During the same period in the prior year, the business posted $1.26 EPS. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. As a group, equities research analysts predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 16th. Shareholders of record on Friday, December 26th were given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Friday, December 26th. Medtronic’s dividend payout ratio is presently 76.55%.

Analyst Ratings Changes

MDT has been the subject of several research reports. Wall Street Zen raised shares of Medtronic from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Robert W. Baird set a $103.00 price target on Medtronic in a report on Tuesday, December 16th. JPMorgan Chase & Co. increased their price objective on Medtronic from $90.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, November 13th. Jefferies Financial Group reaffirmed a “hold” rating and set a $110.00 target price on shares of Medtronic in a research report on Wednesday, November 19th. Finally, Morgan Stanley upped their target price on Medtronic from $107.00 to $117.00 and gave the stock an “overweight” rating in a report on Wednesday, November 19th. Sixteen analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $111.21.

Medtronic Company Profile

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).