USA Financial Formulas Boosts Holdings in Medtronic plc (NYSE:MDT)

USA Financial Formulas grew its stake in shares of Medtronic plc (NYSE:MDT) by 15,529.4% in the third quarter, Holdings Channel reports. The fund owned 2,657 shares of the medical technology company’s stock after acquiring an additional 2,640 shares during the quarter. USA Financial Formulas’ holdings in Medtronic were worth $239,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. M&G Plc purchased a new stake in Medtronic in the first quarter worth $259,160,000. Capital Research Global Investors raised its stake in Medtronic by 7.1% in the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock valued at $2,691,577,000 after acquiring an additional 2,044,109 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Medtronic by 1,195.9% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock valued at $144,637,000 after purchasing an additional 1,695,800 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its position 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 during the period. Finally, Troy Asset Management Ltd purchased a new position in shares of Medtronic in the second quarter worth about $85,440,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Stifel Nicolaus raised their price objective on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $98.00 to $105.00 in a research note on Thursday. Barclays raised their target price on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. Finally, Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $95.14.

Medtronic Trading Up 0.6 %

Shares of MDT stock opened at $88.85 on Friday. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The firm has a market cap of $113.95 billion, a P/E ratio of 30.02, a price-to-earnings-growth ratio of 2.53 and a beta of 0.84. The business has a 50-day moving average price of $87.22 and a two-hundred day moving average price of $83.38. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $91.49.

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. The business had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period last year, the business earned $1.20 earnings per share. Equities analysts anticipate that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.15%. Medtronic’s 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.