Arlington Partners LLC Acquires 4,430 Shares of Medtronic plc (NYSE:MDT)

Arlington Partners LLC grew its holdings in Medtronic plc (NYSE:MDT) by 12.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 39,548 shares of the medical technology company’s stock after purchasing an additional 4,430 shares during the period. Arlington Partners LLC’s holdings in Medtronic were worth $3,113,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of MDT. LifeSteps Financial Inc. bought a new stake in Medtronic during the 1st quarter worth approximately $27,000. Lynx Investment Advisory bought a new stake in Medtronic during the 2nd quarter worth approximately $28,000. Tributary Capital Management LLC bought a new stake in Medtronic during the 1st quarter worth approximately $33,000. Riverview Trust Co bought a new stake in Medtronic during the 1st quarter worth approximately $39,000. Finally, Fortis Group Advisors LLC grew its stake in Medtronic by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after buying an additional 230 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MDT. Truist Financial boosted their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. Barclays boosted their price target on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Stifel Nicolaus upped their price objective 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. The Goldman Sachs Group initiated coverage on shares of Medtronic in a research note on Thursday, May 30th. They issued a “sell” rating and a $83.00 price objective for the company. Finally, Oppenheimer upped their price objective on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $92.92.

Medtronic Stock Up 0.6 %

Shares of Medtronic stock traded up $0.50 during trading on Friday, hitting $89.89. The company’s stock had a trading volume of 7,116,627 shares, compared to its average volume of 6,304,211. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.49. The company has a fifty day simple moving average of $82.29 and a two-hundred day simple moving average of $82.60. The company has a market capitalization of $115.26 billion, a PE ratio of 32.69, a P/E/G ratio of 2.52 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 (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating 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 net margin of 12.06% and a return on equity of 13.68%. Medtronic’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.20 EPS. Equities research analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date of this dividend is 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.