First Pacific Financial Purchases 490 Shares of Medtronic plc (NYSE:MDT)

First Pacific Financial raised its position in Medtronic plc (NYSE:MDT) by 5.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,115 shares of the medical technology company’s stock after buying an additional 490 shares during the quarter. First Pacific Financial’s holdings in Medtronic were worth $911,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CX Institutional raised its position in Medtronic by 9.1% during the third quarter. CX Institutional now owns 7,290 shares of the medical technology company’s stock valued at $656,000 after purchasing an additional 608 shares in the last quarter. Sivia Capital Partners LLC bought a new position in shares of Medtronic in the 3rd quarter valued at $211,000. ORG Wealth Partners LLC acquired a new position in shares of Medtronic during the 3rd quarter worth $234,000. Procyon Advisors LLC lifted its position in shares of Medtronic by 8.9% during the 3rd quarter. Procyon Advisors LLC now owns 16,402 shares of the medical technology company’s stock worth $1,476,000 after buying an additional 1,335 shares during the last quarter. Finally, Paladin Wealth LLC acquired a new stake in Medtronic in the third quarter valued at about $789,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MDT has been the subject of several research analyst reports. Piper Sandler boosted their target price on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Stifel Nicolaus raised their target price on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. Citigroup upped their price target on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. Truist Financial raised their price objective on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a report on Monday. Finally, Oppenheimer upped their target price on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. 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 company. According to MarketBeat, Medtronic presently has an average rating of “Hold” and an average target price of $95.36.

Medtronic Trading Down 0.2 %

Shares of Medtronic stock traded down $0.17 on Tuesday, hitting $89.84. 4,173,723 shares of the company’s stock traded hands, compared to its average volume of 6,267,160. The company has a fifty day moving average of $87.74 and a two-hundred day moving average of $83.46. Medtronic plc has a one year low of $68.84 and a one year high of $91.49. The company has a market capitalization of $115.20 billion, a price-to-earnings ratio of 32.73, a price-to-earnings-growth ratio of 2.53 and a beta of 0.84. 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 announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.20 by $0.03. The company had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.20 EPS. As a group, sell-side analysts expect that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.12%. Medtronic’s dividend payout ratio is presently 101.82%.

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.