Folger Nolan Fleming Douglas Capital Management Inc. Acquires 150 Shares of Medtronic plc (NYSE:MDT)

Folger Nolan Fleming Douglas Capital Management Inc. grew its holdings in shares of Medtronic plc (NYSE:MDT) by 3.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,961 shares of the medical technology company’s stock after purchasing an additional 150 shares during the quarter. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Medtronic were worth $447,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Fiducient Advisors LLC purchased a new position in Medtronic in the third quarter valued at about $273,000. JFS Wealth Advisors LLC raised its holdings in shares of Medtronic by 168.1% in the 3rd quarter. JFS Wealth Advisors LLC now owns 2,383 shares of the medical technology company’s stock worth $215,000 after purchasing an additional 1,494 shares during the period. Diversify Wealth Management LLC lifted its stake in Medtronic by 2.5% in the third quarter. Diversify Wealth Management LLC now owns 30,870 shares of the medical technology company’s stock valued at $2,848,000 after purchasing an additional 739 shares during the last quarter. First Trust Direct Indexing L.P. grew its holdings in Medtronic by 16.7% during the third quarter. First Trust Direct Indexing L.P. now owns 36,940 shares of the medical technology company’s stock valued at $3,326,000 after purchasing an additional 5,282 shares during the period. Finally, WestEnd Advisors LLC increased its position in Medtronic by 1.5% in the third quarter. WestEnd Advisors LLC now owns 491,159 shares of the medical technology company’s stock worth $44,219,000 after buying an additional 7,116 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on MDT. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Friday, October 25th. Daiwa America upgraded Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Robert W. Baird raised their price target on shares of Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Finally, Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and increased their target price for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $95.36.

Medtronic Price Performance

Shares of Medtronic stock opened at $90.55 on Thursday. The business has a 50-day moving average price of $89.58 and a 200 day moving average price of $84.03. Medtronic plc has a twelve month low of $69.32 and a twelve month high of $92.68. 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 $116.11 billion, a PE ratio of 32.93, a P/E/G ratio of 2.60 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings data 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. The business had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period last year, the firm earned $1.20 earnings per share. Sell-side analysts predict that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.09%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is 101.82%.

Medtronic 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.