Hanson & Doremus Investment Management Has $3.75 Million Stock Position in Medtronic plc (NYSE:MDT)

Hanson & Doremus Investment Management raised its holdings in Medtronic plc (NYSE:MDT) by 3.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 47,613 shares of the medical technology company’s stock after purchasing an additional 1,549 shares during the quarter. Medtronic accounts for approximately 0.6% of Hanson & Doremus Investment Management’s investment portfolio, making the stock its 28th biggest position. Hanson & Doremus Investment Management’s holdings in Medtronic were worth $3,748,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of MDT. Wilkins Investment Counsel Inc. raised its stake in Medtronic by 2.9% during the second quarter. Wilkins Investment Counsel Inc. now owns 201,543 shares of the medical technology company’s stock worth $15,863,000 after acquiring an additional 5,740 shares in the last quarter. Diversify Wealth Management LLC acquired a new position in Medtronic during the 2nd quarter worth approximately $2,420,000. OV Management LLC lifted its stake in Medtronic by 1.4% in the 2nd quarter. OV Management LLC now owns 17,236 shares of the medical technology company’s stock valued at $1,357,000 after purchasing an additional 236 shares during the last quarter. Oppenheimer Asset Management Inc. boosted its position in Medtronic by 15.1% in the second quarter. Oppenheimer Asset Management Inc. now owns 569,402 shares of the medical technology company’s stock valued at $44,818,000 after buying an additional 74,876 shares in the last quarter. Finally, Thoroughbred Financial Services LLC grew its stake in shares of Medtronic by 15.4% during the second quarter. Thoroughbred Financial Services LLC now owns 5,357 shares of the medical technology company’s stock worth $421,000 after buying an additional 714 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

NYSE:MDT opened at $90.00 on Friday. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.49. The company has a fifty day moving average of $83.60 and a 200-day moving average of $82.80. The firm has a market capitalization of $115.42 billion, a P/E ratio of 32.73, a P/E/G ratio of 2.57 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 for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same quarter in the prior year, the business earned $1.20 earnings per share. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s payout ratio is 101.82%.

Analyst Ratings Changes

MDT has been the subject of a number of research reports. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. Wells Fargo & Company boosted their price target on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Truist Financial upped their price objective on Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research note on Friday, August 23rd. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research report on Wednesday, August 21st. Finally, Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price 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.