Patriot Financial Group Insurance Agency LLC Buys 1,876 Shares of Medtronic plc (NYSE:MDT)

Patriot Financial Group Insurance Agency LLC boosted its stake in Medtronic plc (NYSE:MDT) by 8.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,075 shares of the medical technology company’s stock after purchasing an additional 1,876 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in Medtronic were worth $2,077,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in MDT. Wealthcare Advisory Partners LLC increased its position in Medtronic by 21.4% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 8,378 shares of the medical technology company’s stock valued at $730,000 after purchasing an additional 1,476 shares during the period. Tributary Capital Management LLC purchased a new stake in Medtronic in the first quarter worth about $33,000. Allspring Global Investments Holdings LLC boosted its position in Medtronic by 14.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 887,610 shares of the medical technology company’s stock valued at $77,355,000 after acquiring an additional 113,125 shares in the last quarter. Leonard Rickey Investment Advisors P.L.L.C. purchased a new position in shares of Medtronic during the 1st quarter worth approximately $201,000. Finally, Westhampton Capital LLC lifted its stake in shares of Medtronic by 11.9% in the 1st quarter. Westhampton Capital LLC now owns 7,525 shares of the medical technology company’s stock valued at $656,000 after purchasing an additional 800 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on MDT. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and lifted their price target for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. Citigroup upped their price target on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. Wells Fargo & Company raised their price target on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Finally, Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Friday. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and a consensus target price of $95.36.

Medtronic Trading Up 0.3 %

MDT traded up $0.29 during trading hours on Monday, reaching $90.88. 1,071,221 shares of the company’s stock traded hands, compared to its average volume of 6,189,809. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The firm has a 50-day moving average price of $89.30 and a 200 day moving average price of $83.85. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $92.68. The firm has a market capitalization of $116.53 billion, a PE ratio of 32.94, a PEG ratio of 2.60 and a beta of 0.84.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.20 by $0.03. The company had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. Medtronic’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period last year, the business posted $1.20 EPS. As a group, sell-side analysts predict that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.08%. The ex-dividend date was Friday, September 27th. Medtronic’s payout ratio is 101.82%.

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.