Catalyst Capital Advisors LLC Increases Stock Holdings in Medtronic plc (NYSE:MDT)

Catalyst Capital Advisors LLC lifted its stake in shares of Medtronic plc (NYSE:MDT) by 12.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,920 shares of the medical technology company’s stock after buying an additional 3,120 shares during the period. Catalyst Capital Advisors LLC’s holdings in Medtronic were worth $2,604,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Whittier Trust Co. lifted its holdings in Medtronic by 3.5% during the first quarter. Whittier Trust Co. now owns 9,502 shares of the medical technology company’s stock worth $828,000 after acquiring an additional 319 shares during the period. Whittier Trust Co. of Nevada Inc. raised its stake in shares of Medtronic by 5.1% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 13,743 shares of the medical technology company’s stock valued at $1,198,000 after buying an additional 672 shares during the period. Central Pacific Bank Trust Division bought a new stake in shares of Medtronic in the first quarter valued at $183,000. GSA Capital Partners LLP raised its stake in shares of Medtronic by 73.0% in the first quarter. GSA Capital Partners LLP now owns 4,945 shares of the medical technology company’s stock valued at $431,000 after buying an additional 2,086 shares during the period. Finally, Commerce Bank raised its stake in shares of Medtronic by 1.5% in the first quarter. Commerce Bank now owns 173,345 shares of the medical technology company’s stock valued at $15,107,000 after buying an additional 2,622 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of NYSE MDT opened at $89.31 on Tuesday. The firm has a market capitalization of $114.54 billion, a P/E ratio of 30.17, a P/E/G ratio of 2.57 and a beta of 0.84. 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 stock’s 50-day simple moving average is $89.64 and its two-hundred day simple moving average is $84.27. Medtronic plc has a twelve month low of $69.32 and a twelve month high of $92.68.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company’s revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.20 EPS. As a group, equities analysts anticipate that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given a dividend of $0.70 per share. The ex-dividend date was Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.14%. Medtronic’s dividend payout ratio (DPR) is presently 94.59%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Truist Financial boosted their target price on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday, October 14th. Daiwa America upgraded Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Stifel Nicolaus increased their price objective on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Finally, Citigroup increased their price objective on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $95.36.

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.