Prestige Wealth Management Group LLC Purchases 645 Shares of Medtronic plc (NYSE:MDT)

Prestige Wealth Management Group LLC lifted its position in shares of Medtronic plc (NYSE:MDT) by 9.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,706 shares of the medical technology company’s stock after buying an additional 645 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in Medtronic were worth $612,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Ballentine Partners LLC increased its holdings in Medtronic by 5.7% during the second quarter. Ballentine Partners LLC now owns 14,555 shares of the medical technology company’s stock valued at $1,146,000 after buying an additional 786 shares during the period. Koss Olinger Consulting LLC purchased a new position in shares of Medtronic in the 2nd quarter valued at $1,722,000. Lynch & Associates IN increased its holdings in shares of Medtronic by 33.4% in the 2nd quarter. Lynch & Associates IN now owns 6,324 shares of the medical technology company’s stock valued at $498,000 after acquiring an additional 1,585 shares during the period. Certuity LLC bought a new position in shares of Medtronic in the 2nd quarter worth $271,000. Finally, Acadian Asset Management LLC lifted its stake in shares of Medtronic by 1,240.9% during the 2nd quarter. Acadian Asset Management LLC now owns 38,484 shares of the medical technology company’s stock worth $3,027,000 after purchasing an additional 35,614 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

Medtronic stock traded up $0.50 during trading hours on Friday, hitting $89.89. 7,116,627 shares of the stock traded hands, compared to its average volume of 6,304,211. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.49. The stock has a market capitalization of $115.26 billion, a price-to-earnings 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 current ratio of 2.13 and a quick ratio of 1.61. The firm’s 50 day moving average price is $82.29 and its 200-day moving average price is $82.60.

Medtronic (NYSE:MDT) last issued 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 net margin of 12.06% and a return on equity of 13.68%. The company had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter in the prior year, the company earned $1.20 EPS. Medtronic’s quarterly revenue was up 3.4% on a year-over-year basis. As a group, equities analysts expect that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.11%. The ex-dividend date is Friday, September 27th. Medtronic’s payout ratio is 101.82%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on MDT shares. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Citigroup reduced their price objective on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Barclays raised their target price on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Piper Sandler upped their price target on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Finally, The Goldman Sachs Group initiated coverage on Medtronic in a research report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price objective for the company. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Medtronic currently has an average rating of “Hold” and a consensus price target of $92.92.

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.