Moloney Securities Asset Management LLC Boosts Position in Medtronic plc (NYSE:MDT)

Moloney Securities Asset Management LLC grew its holdings in shares of Medtronic plc (NYSE:MDT) by 2.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 34,384 shares of the medical technology company’s stock after buying an additional 958 shares during the quarter. Moloney Securities Asset Management LLC’s holdings in Medtronic were worth $3,096,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. Clear Harbor Asset Management LLC lifted its holdings in shares of Medtronic by 1.2% during the third quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock worth $861,000 after buying an additional 111 shares during the last quarter. First PREMIER Bank boosted its holdings in Medtronic by 1.8% in the 3rd quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock valued at $577,000 after purchasing an additional 116 shares during the period. Precision Wealth Strategies LLC grew its position in 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 purchasing an additional 118 shares during the last quarter. Lake Street Advisors Group LLC increased its holdings in shares of Medtronic by 2.0% during the 3rd quarter. Lake Street Advisors Group LLC now owns 6,024 shares of the medical technology company’s stock worth $547,000 after purchasing an additional 118 shares during the period. Finally, Abbrea Capital LLC raised its position in shares of Medtronic by 2.5% during the first quarter. Abbrea Capital LLC now owns 5,077 shares of the medical technology company’s stock valued at $446,000 after buying an additional 125 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Performance

NYSE:MDT opened at $89.31 on Tuesday. The firm has a 50 day moving average of $89.64 and a 200-day moving average of $84.27. Medtronic plc has a 1 year low of $69.32 and a 1 year high of $92.68. The stock has a market capitalization of $114.54 billion, a P/E ratio of 30.17, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating 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 business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same period in the previous year, the business posted $1.20 earnings per share. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, sell-side 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. Investors of record on Friday, September 27th were given a $0.70 dividend. The ex-dividend date was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.14%. Medtronic’s payout ratio is 94.59%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Robert W. Baird boosted their price target on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Wells Fargo & Company upped their target price on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Truist Financial lifted their price target on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Monday, October 14th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday, October 25th. Finally, Oppenheimer lifted their target price on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have given 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 an average price target 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.