Biechele Royce Advisors Grows Holdings in Medtronic plc (NYSE:MDT)

Biechele Royce Advisors boosted its stake in Medtronic plc (NYSE:MDT) by 4.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 197,754 shares of the medical technology company’s stock after acquiring an additional 7,612 shares during the period. Medtronic accounts for approximately 5.9% of Biechele Royce Advisors’ holdings, making the stock its 5th biggest holding. Biechele Royce Advisors’ holdings in Medtronic were worth $17,804,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Manning & Napier Advisors LLC purchased a new position in shares of Medtronic in the 2nd quarter worth about $25,643,000. SageView Advisory Group LLC raised its position in shares of Medtronic by 130.3% in the 1st quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock worth $1,467,000 after purchasing an additional 9,523 shares during the last quarter. Daiwa Securities Group Inc. raised its position in shares of Medtronic by 10.0% in the 1st quarter. Daiwa Securities Group Inc. now owns 135,268 shares of the medical technology company’s stock worth $11,789,000 after purchasing an additional 12,250 shares during the last quarter. Empowered Funds LLC raised its position in shares of Medtronic by 174.9% in the 1st quarter. Empowered Funds LLC now owns 74,903 shares of the medical technology company’s stock worth $6,528,000 after purchasing an additional 47,657 shares during the last quarter. Finally, National Bank of Canada FI raised its position in Medtronic by 13.6% in the 1st quarter. National Bank of Canada FI now owns 261,325 shares of the medical technology company’s stock worth $21,642,000 after buying an additional 31,195 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

MDT has been the subject of a number of recent analyst reports. Wells Fargo & Company boosted their target price on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Stifel Nicolaus boosted their target price on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. Citigroup boosted their price target on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $95.36.

Medtronic Price Performance

MDT stock traded up $0.82 during midday trading on Friday, hitting $90.07. The company’s stock had a trading volume of 5,052,408 shares, compared to its average volume of 6,204,974. Medtronic plc has a 12 month low of $69.32 and a 12 month high of $92.68. 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 market capitalization of $115.51 billion, a price-to-earnings ratio of 30.43, a price-to-earnings-growth ratio of 2.59 and a beta of 0.84. The company has a 50 day moving average of $89.64 and a two-hundred day moving average of $84.13.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping 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 business had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same period in the prior year, the company posted $1.20 EPS. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. On average, analysts expect that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a dividend of $0.70 per share. The ex-dividend date was Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.11%. Medtronic’s dividend payout ratio (DPR) is 94.59%.

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.