Chelsea Counsel Co. Acquires New Stake in Medtronic plc (NYSE:MDT)

Chelsea Counsel Co. acquired a new stake in Medtronic plc (NYSE:MDT) during the 3rd quarter, Holdings Channel reports. The fund acquired 500 shares of the medical technology company’s stock, valued at approximately $45,000.

Other institutional investors have also added to or reduced their stakes in the company. Fortitude Family Office LLC bought a new stake in Medtronic in the 3rd quarter valued at $27,000. Darwin Wealth Management LLC bought a new stake in Medtronic in the 3rd quarter valued at $27,000. Highline Wealth Partners LLC bought a new stake in Medtronic in the 3rd quarter valued at $27,000. J. Stern & Co. LLP bought a new stake in Medtronic in the 3rd quarter valued at $30,000. Finally, True Wealth Design LLC lifted its position in Medtronic by 1,793.3% in the 3rd quarter. True Wealth Design LLC now owns 568 shares of the medical technology company’s stock valued at $51,000 after acquiring an additional 538 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on MDT. Wells Fargo & Company cut their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. JPMorgan Chase & Co. cut their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. Evercore ISI boosted their price target 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. Piper Sandler boosted their price target 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. Finally, Sanford C. Bernstein boosted their price target on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $95.27.

Medtronic Stock Down 0.8 %

Shares of MDT opened at $82.94 on Thursday. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $92.68. The firm has a market cap of $106.35 billion, a P/E ratio of 25.36, a price-to-earnings-growth ratio of 2.38 and a beta of 0.82. The firm’s 50-day simple moving average is $87.87 and its 200 day simple moving average is $85.00. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. During the same quarter in the prior year, the business earned $1.25 EPS. Medtronic’s quarterly revenue was up 5.2% on a year-over-year basis. On average, analysts forecast that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be paid a $0.70 dividend. The ex-dividend date is Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.38%. Medtronic’s dividend payout ratio (DPR) is currently 85.63%.

About Medtronic

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.