Medtronic plc (NYSE:MDT) Shares Purchased by Patrick M Sweeney & Associates Inc.

Patrick M Sweeney & Associates Inc. boosted its holdings in shares of Medtronic plc (NYSE:MDT) by 7.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,499 shares of the medical technology company’s stock after acquiring an additional 444 shares during the period. Patrick M Sweeney & Associates Inc.’s holdings in Medtronic were worth $585,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Lynx Investment Advisory acquired a new stake in Medtronic during the 2nd quarter valued at $28,000. Tributary Capital Management LLC acquired a new stake in shares of Medtronic during the first quarter valued at $33,000. Gleason Group Inc. purchased a new stake in Medtronic during the 2nd quarter worth about $42,000. Opal Wealth Advisors LLC purchased a new stake in Medtronic during the 2nd quarter worth about $43,000. Finally, Olistico Wealth LLC acquired a new position in Medtronic in the 2nd quarter valued at about $45,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Oppenheimer raised their price target on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. 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 note on Thursday, October 10th. Barclays increased their price target on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Piper Sandler lifted their price objective on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $95.36.

Medtronic Trading Up 1.3 %

NYSE MDT opened at $92.27 on Thursday. The firm has a market capitalization of $118.32 billion, a price-to-earnings ratio of 33.55, a PEG ratio of 2.53 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. Medtronic plc has a one year low of $68.84 and a one year high of $92.39. The company’s 50 day moving average price is $89.04 and its 200 day moving average price is $83.74.

Medtronic (NYSE:MDT) last issued its earnings results 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. 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 quarter last year, the firm posted $1.20 EPS. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. On average, sell-side analysts predict that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Announces Dividend

The business also recently announced 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 annualized dividend and a dividend yield of 3.03%. The ex-dividend date was Friday, September 27th. Medtronic’s payout ratio is 101.82%.

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.