Janney Montgomery Scott LLC Increases Stock Holdings in Medtronic plc (NYSE:MDT)

Janney Montgomery Scott LLC lifted its stake in shares of Medtronic plc (NYSE:MDT) by 6.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,089,739 shares of the medical technology company’s stock after purchasing an additional 63,056 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Medtronic were worth $98,109,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Fortitude Family Office LLC purchased a new position in Medtronic during the 3rd quarter worth $27,000. Highline Wealth Partners LLC acquired a new stake in Medtronic in the third quarter valued at about $27,000. Lynx Investment Advisory purchased a new stake in Medtronic in the 2nd quarter valued at approximately $28,000. Gleason Group Inc. purchased a new position in Medtronic in the second quarter worth $42,000. Finally, Opal Wealth Advisors LLC acquired a new stake in Medtronic in the second quarter valued at $43,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of MDT opened at $90.07 on Friday. The company has a market capitalization of $115.51 billion, a price-to-earnings ratio of 30.43, a PEG ratio of 2.55 and a beta of 0.84. 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 plc has a 1 year low of $69.32 and a 1 year high of $92.68. The company’s 50 day simple moving average is $89.64 and its 200 day simple moving average is $84.17.

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

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid 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 was Friday, September 27th. Medtronic’s dividend payout ratio is currently 94.59%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Oppenheimer lifted their price objective on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Friday, October 25th. Finally, Piper Sandler boosted their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $95.36.

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.