Tectonic Advisors LLC Has $1.60 Million Stock Holdings in Medtronic plc (NYSE:MDT)

Tectonic Advisors LLC reduced its holdings in shares of Medtronic plc (NYSE:MDT) by 2.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,786 shares of the medical technology company’s stock after selling 512 shares during the quarter. Tectonic Advisors LLC’s holdings in Medtronic were worth $1,601,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. First PREMIER Bank boosted its holdings in Medtronic by 1.8% during the third quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock worth $577,000 after purchasing an additional 116 shares during the last quarter. Precision Wealth Strategies LLC increased its holdings in shares of Medtronic by 3.3% in the 3rd quarter. Precision Wealth Strategies LLC now owns 3,741 shares of the medical technology company’s stock worth $337,000 after buying an additional 118 shares during the last quarter. Quent Capital LLC increased its holdings in shares of Medtronic by 8.0% in the 1st quarter. Quent Capital LLC now owns 1,680 shares of the medical technology company’s stock worth $146,000 after buying an additional 125 shares during the last quarter. Abbrea Capital LLC grew its holdings in shares of Medtronic by 2.5% during the 1st quarter. Abbrea Capital LLC now owns 5,077 shares of the medical technology company’s stock valued at $446,000 after purchasing an additional 125 shares during the last quarter. Finally, Waterway Wealth Management LLC grew its holdings in shares of Medtronic by 4.8% during the 2nd quarter. Waterway Wealth Management LLC now owns 2,759 shares of the medical technology company’s stock valued at $217,000 after purchasing an additional 126 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have issued reports on MDT. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. Barclays raised their price objective on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Oppenheimer lifted their price target on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. Stifel Nicolaus boosted 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. Finally, Wells Fargo & Company boosted their target price on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $95.36.

Medtronic Price Performance

MDT stock opened at $90.99 on Friday. The company has a market capitalization of $116.67 billion, a PE ratio of 33.09, a price-to-earnings-growth ratio of 2.53 and a beta of 0.84. The company’s fifty day moving average price is $89.04 and its 200-day moving average price is $83.74. 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 one year low of $68.84 and a one year high of $92.68.

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

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date was Friday, September 27th. Medtronic’s 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.