NorthCrest Asset Manangement LLC Acquires 3,042 Shares of Medtronic plc (NYSE:MDT)

NorthCrest Asset Manangement LLC increased its stake in shares of Medtronic plc (NYSE:MDT) by 2.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 116,703 shares of the medical technology company’s stock after acquiring an additional 3,042 shares during the period. NorthCrest Asset Manangement LLC’s holdings in Medtronic were worth $10,507,000 as of its most recent filing with the SEC.

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

Medtronic Stock Performance

Shares of MDT stock traded down $0.40 during trading hours on Friday, hitting $90.59. 3,446,977 shares of the company were exchanged, compared to its average volume of 6,215,464. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $92.68. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The firm has a fifty day simple moving average of $89.30 and a 200 day simple moving average of $83.84. The stock has a market capitalization of $116.18 billion, a price-to-earnings ratio of 30.60, a P/E/G ratio of 2.60 and a beta of 0.84.

Medtronic (NYSE:MDT) last issued its quarterly 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 return on equity of 13.68% and a net margin of 12.06%. The firm had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter in the prior year, the firm earned $1.20 EPS. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. Research analysts predict that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.09%. The ex-dividend date was Friday, September 27th. Medtronic’s payout ratio is 94.59%.

Wall Street Analyst Weigh In

A number of research firms recently commented on MDT. Piper Sandler boosted their price target on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Oppenheimer raised their target price on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report on Wednesday, August 21st. Robert W. Baird increased their target price on shares of Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Friday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $95.36.

Medtronic Company 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.