Te Ahumairangi Investment Management Ltd Boosts Position in Medtronic plc (NYSE:MDT)

Te Ahumairangi Investment Management Ltd boosted its position in shares of Medtronic plc (NYSE:MDT) by 4.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 52,321 shares of the medical technology company’s stock after acquiring an additional 2,050 shares during the quarter. Te Ahumairangi Investment Management Ltd’s holdings in Medtronic were worth $4,684,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of MDT. Fortitude Family Office LLC purchased a new stake in Medtronic in the third quarter worth about $27,000. Highline Wealth Partners LLC purchased a new stake in Medtronic in the third quarter worth about $27,000. Darwin Wealth Management LLC purchased a new stake in Medtronic in the third quarter worth about $27,000. J. Stern & Co. LLP purchased a new stake in Medtronic in the third quarter worth about $30,000. Finally, True Wealth Design LLC increased its position in Medtronic by 1,793.3% in the third quarter. True Wealth Design LLC now owns 568 shares of the medical technology company’s stock worth $51,000 after buying an additional 538 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MDT. Daiwa America upgraded Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Robert W. Baird lowered their price objective on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research note on Wednesday, November 20th. JPMorgan Chase & Co. lowered their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Piper Sandler increased their price target on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Finally, Sanford C. Bernstein increased their price target on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $95.27.

Medtronic Price Performance

NYSE:MDT opened at $82.94 on Thursday. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $92.68. The stock has a 50 day moving average of $87.87 and a two-hundred day moving average of $85.00. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. 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.

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

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date of this dividend is Friday, December 27th. Medtronic’s dividend payout ratio is presently 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.