Hummer Financial Advisory Services Inc Acquires Shares of 2,357 Medtronic plc (NYSE:MDT)

Hummer Financial Advisory Services Inc purchased a new position in shares of Medtronic plc (NYSE:MDT) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 2,357 shares of the medical technology company’s stock, valued at approximately $214,000.

A number of other institutional investors also recently modified their holdings of MDT. M&G Plc bought a new stake in Medtronic during the 1st quarter worth $259,160,000. Capital Research Global Investors grew its position in Medtronic by 7.1% during the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after acquiring an additional 2,044,109 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Medtronic by 1,195.9% in the 2nd 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 buying an additional 1,695,800 shares during the last quarter. Troy Asset Management Ltd bought a new stake in shares of Medtronic in the 2nd quarter valued at about $85,440,000. Finally, 1832 Asset Management L.P. grew its position in shares of Medtronic by 26.9% in the 2nd quarter. 1832 Asset Management L.P. now owns 4,915,609 shares of the medical technology company’s stock valued at $386,908,000 after buying an additional 1,041,863 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on MDT shares. Barclays upped their price target on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Citigroup boosted their price objective on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. Truist Financial boosted their price objective on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday. Piper Sandler boosted their price objective on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Finally, Evercore ISI boosted their price objective on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. 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 assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $95.36.

Medtronic Stock Performance

Shares of Medtronic stock traded up $0.17 during trading hours on Wednesday, reaching $90.01. The company had a trading volume of 715,594 shares, compared to its average volume of 6,239,402. 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 plc has a one year low of $68.84 and a one year high of $91.49. The firm has a market cap of $115.42 billion, a PE ratio of 32.67, a price-to-earnings-growth ratio of 2.53 and a beta of 0.84. The business has a fifty day simple moving average of $87.92 and a 200 day simple moving average of $83.47.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping 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 company 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 business posted $1.20 earnings per share. The firm’s revenue was up 3.4% compared to the same quarter last year. On average, analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a dividend of $0.70 per share. The ex-dividend date was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. Medtronic’s dividend payout ratio (DPR) is currently 101.82%.

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.