DORCHESTER WEALTH MANAGEMENT Co Acquires 175 Shares of Medtronic plc (NYSE:MDT)

DORCHESTER WEALTH MANAGEMENT Co lifted its holdings in shares of Medtronic plc (NYSE:MDT) by 3.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 6,072 shares of the medical technology company’s stock after purchasing an additional 175 shares during the period. DORCHESTER WEALTH MANAGEMENT Co’s holdings in Medtronic were worth $547,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in MDT. Lynx Investment Advisory purchased a new position in shares of Medtronic in the second quarter worth $28,000. Tributary Capital Management LLC purchased a new position in shares of Medtronic in the first quarter valued at about $33,000. Gleason Group Inc. bought a new position in shares of Medtronic during the second quarter valued at about $42,000. Opal Wealth Advisors LLC purchased a new stake in shares of Medtronic during the second quarter worth about $43,000. Finally, Olistico Wealth LLC bought a new stake in shares of Medtronic in the second quarter worth about $45,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Down 0.2 %

Shares of MDT stock traded down $0.20 during mid-day trading on Thursday, hitting $92.07. The company’s stock had a trading volume of 755,548 shares, compared to its average volume of 6,214,059. The stock has a market cap of $118.06 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 52-week low of $68.84 and a 52-week high of $92.66. The business has a 50-day moving average price of $89.04 and a 200 day moving average price of $83.74.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analysts’ expectations of $7.90 billion. During the same quarter in the prior year, the business 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 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a $0.70 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.04%. Medtronic’s payout ratio is 101.82%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Oppenheimer boosted their target price on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Piper Sandler boosted their price target on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Finally, Truist Financial lifted their price objective on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $95.36.

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.