Nexus Investment Management ULC Boosts Holdings in Medtronic plc (NYSE:MDT)

Nexus Investment Management ULC raised its position in shares of Medtronic plc (NYSE:MDT) by 0.5% in the third quarter, HoldingsChannel reports. The firm owned 217,424 shares of the medical technology company’s stock after buying an additional 1,050 shares during the quarter. Medtronic makes up 1.9% of Nexus Investment Management ULC’s investment portfolio, making the stock its 26th largest position. Nexus Investment Management ULC’s holdings in Medtronic were worth $19,575,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the business. Lynx Investment Advisory bought a new position in Medtronic during the 2nd quarter worth about $28,000. Tributary Capital Management LLC purchased a new position in shares of Medtronic in the first quarter valued at approximately $33,000. Riverview Trust Co purchased a new position in Medtronic in the first quarter worth approximately $39,000. Gleason Group Inc. acquired a new stake in Medtronic during the second quarter worth approximately $42,000. Finally, Opal Wealth Advisors LLC acquired a new position in shares of Medtronic in the 2nd quarter valued at $43,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on MDT shares. Evercore ISI boosted their price objective on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Stifel Nicolaus raised their price objective on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and raised their price target for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Robert W. Baird increased their price target on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Finally, Daiwa America upgraded Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned 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 a consensus target price of $95.36.

Medtronic Price Performance

Shares of Medtronic stock opened at $89.84 on Wednesday. The stock has a 50 day moving average of $87.92 and a 200 day moving average of $83.47. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.49. The firm has a market cap of $115.20 billion, a PE ratio of 32.67, a PEG ratio of 2.53 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 announced its quarterly earnings results 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. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same quarter last year, the firm posted $1.20 earnings per share. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, research analysts expect that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.12%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio is currently 101.82%.

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.