Jmac Enterprises LLC Increases Stake in Medtronic plc (NYSE:MDT)

Jmac Enterprises LLC raised its holdings in Medtronic plc (NYSE:MDT) by 7.3% in the third quarter, Holdings Channel reports. The fund owned 10,507 shares of the medical technology company’s stock after buying an additional 714 shares during the period. Jmac Enterprises LLC’s holdings in Medtronic were worth $946,000 at the end of the most recent reporting period.

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

Medtronic Stock Performance

NYSE MDT opened at $88.60 on Thursday. The firm has a market cap of $113.63 billion, a P/E ratio of 30.44, a P/E/G ratio of 2.55 and a beta of 0.84. Medtronic plc has a 52-week low of $69.32 and a 52-week high of $92.68. The business’s 50-day moving average price is $89.69 and its 200 day moving average price is $84.38. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business posted $1.20 EPS. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, equities research analysts expect that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 94.59%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Barclays upped their price objective on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Royal Bank of Canada upgraded shares of 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 research note on Thursday, October 10th. Citigroup raised 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. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Friday, October 25th. Finally, Evercore ISI increased their price objective on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. One investment 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 company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $95.36.

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.