Beacon Capital Management LLC Increases Stake in Medtronic plc (NYSE:MDT)

Beacon Capital Management LLC raised its holdings in Medtronic plc (NYSE:MDT) by 56.3% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 702 shares of the medical technology company’s stock after buying an additional 253 shares during the period. Beacon Capital Management LLC’s holdings in Medtronic were worth $55,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. LifeSteps Financial Inc. acquired a new position in Medtronic in the first quarter valued at $27,000. MeadowBrook Investment Advisors LLC acquired a new stake in shares of Medtronic in the 4th quarter valued at about $27,000. Lynx Investment Advisory purchased a new position in Medtronic during the 2nd quarter worth approximately $28,000. Tributary Capital Management LLC acquired a new position in Medtronic during the first quarter worth approximately $33,000. Finally, Riverview Trust Co purchased a new stake in Medtronic in the first quarter valued at approximately $39,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Price Performance

MDT stock opened at $88.35 on Friday. The stock has a 50-day moving average price of $80.48 and a two-hundred day moving average price of $82.31. The company has a market cap of $113.29 billion, a PE ratio of 32.13, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $89.24.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.20 EPS. As a group, research analysts predict that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a dividend of $0.70 per share. The ex-dividend date is Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.17%. Medtronic’s payout ratio is 101.82%.

Insider Buying and Selling

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the firm’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $83.77, for a total value of $1,601,096.01. Following the transaction, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a research note on Wednesday. Piper Sandler increased their target price on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. Barclays upped their price objective on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, The Goldman Sachs Group began coverage on Medtronic in a research note on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price on the stock. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Medtronic has a consensus rating of “Hold” and an average price target of $92.92.

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.