Summit Investment Advisory Services LLC Invests $348,000 in Medtronic plc (NYSE:MDT)

Summit Investment Advisory Services LLC bought a new position in Medtronic plc (NYSE:MDT) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 3,871 shares of the medical technology company’s stock, valued at approximately $348,000.

Other large investors have also added to or reduced their stakes in the company. First PREMIER Bank increased its stake in shares of Medtronic by 1.8% in the 3rd quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock worth $577,000 after acquiring an additional 116 shares in the last quarter. Quent Capital LLC grew its position in Medtronic by 8.0% during the 1st quarter. Quent Capital LLC now owns 1,680 shares of the medical technology company’s stock valued at $146,000 after purchasing an additional 125 shares during the last quarter. Abbrea Capital LLC increased its stake in Medtronic by 2.5% during the 1st quarter. Abbrea Capital LLC now owns 5,077 shares of the medical technology company’s stock valued at $446,000 after purchasing an additional 125 shares in the last quarter. Waterway Wealth Management LLC raised its holdings in Medtronic by 4.8% in the second quarter. Waterway Wealth Management LLC now owns 2,759 shares of the medical technology company’s stock worth $217,000 after buying an additional 126 shares during the last quarter. Finally, Americana Partners LLC raised its holdings in Medtronic by 2.0% in the 2nd quarter. Americana Partners LLC now owns 6,667 shares of the medical technology company’s stock worth $525,000 after acquiring an additional 128 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of NYSE MDT traded down $0.13 during midday trading on Thursday, reaching $89.86. The stock had a trading volume of 935,836 shares, compared to its average volume of 6,228,229. The company has a market capitalization of $115.22 billion, a price-to-earnings ratio of 32.72, a price-to-earnings-growth ratio of 2.53 and a beta of 0.84. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $91.49. The stock has a 50-day moving average of $88.10 and a 200-day moving average of $83.52. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13.

Medtronic (NYSE:MDT) last issued its quarterly 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. 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 analyst estimates of $7.90 billion. During the same quarter in the prior year, the business posted $1.20 EPS. Medtronic’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, research analysts anticipate that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several brokerages have commented on MDT. Oppenheimer increased their target price on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. Stifel Nicolaus boosted their target price on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. Finally, Wells Fargo & Company upped their price objective on Medtronic from $105.00 to $106.00 and gave the company an “overweight” 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 issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Medtronic presently has an average rating of “Hold” and a consensus price target of $95.36.

Medtronic 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.