Burns J W & Co. Inc. NY increased its stake in Medtronic PLC (NYSE:MDT) by 2.7% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,433 shares of the medical technology company’s stock after purchasing an additional 225 shares during the quarter. Burns J W & Co. Inc. NY’s holdings in Medtronic were worth $916,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Krane Funds Advisors LLC purchased a new position in shares of Medtronic in the 2nd quarter valued at about $25,000. River & Mercantile Asset Management LLP purchased a new position in Medtronic during the 2nd quarter valued at about $26,000. Lenox Wealth Advisors LLC increased its holdings in Medtronic by 393.3% during the 3rd quarter. Lenox Wealth Advisors LLC now owns 296 shares of the medical technology company’s stock valued at $32,000 after acquiring an additional 236 shares in the last quarter. Redhawk Wealth Advisors Inc. purchased a new position in Medtronic during the 2nd quarter valued at about $34,000. Finally, Rocky Mountain Advisers LLC increased its holdings in Medtronic by 100.0% during the 2nd quarter. Rocky Mountain Advisers LLC now owns 400 shares of the medical technology company’s stock valued at $39,000 after acquiring an additional 200 shares in the last quarter. Institutional investors and hedge funds own 81.03% of the company’s stock.
Shares of Medtronic stock traded up $0.53 during mid-day trading on Friday, hitting $107.95. 125,546 shares of the stock were exchanged, compared to its average volume of 4,680,946. Medtronic PLC has a twelve month low of $81.66 and a twelve month high of $112.05. The stock has a market capitalization of $140.89 billion, a price-to-earnings ratio of 20.69, a price-to-earnings-growth ratio of 2.58 and a beta of 0.64. The company has a 50-day simple moving average of $108.18 and a 200 day simple moving average of $97.98. The company has a current ratio of 2.67, a quick ratio of 2.20 and a debt-to-equity ratio of 0.49.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Friday, September 27th will be given a $0.54 dividend. The ex-dividend date is Thursday, September 26th. This represents a $2.16 annualized dividend and a dividend yield of 2.00%. Medtronic’s dividend payout ratio is presently 41.38%.
In related news, SVP Richard Kuntz sold 21,425 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $107.51, for a total value of $2,303,401.75. Following the sale, the senior vice president now directly owns 78,916 shares of the company’s stock, valued at $8,484,259.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Bradley E. Lerman sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $100.31, for a total transaction of $401,240.00. Following the completion of the sale, the senior vice president now directly owns 52,906 shares in the company, valued at $5,307,000.86. The disclosure for this sale can be found here. Insiders sold 118,339 shares of company stock worth $12,619,053 over the last three months. Corporate insiders own 0.28% of the company’s stock.
Several equities analysts have weighed in on MDT shares. BTIG Research raised their target price on shares of Medtronic to $120.00 and gave the company a “buy” rating in a report on Wednesday, August 21st. Raymond James raised their target price on shares of Medtronic from $105.00 to $118.00 and gave the company an “outperform” rating in a report on Wednesday, August 21st. Northland Securities restated a “hold” rating and set a $100.00 target price on shares of Medtronic in a report on Wednesday, August 21st. Deutsche Bank raised their target price on shares of Medtronic from $100.00 to $111.00 and gave the company a “buy” rating in a report on Monday, August 19th. Finally, Barclays raised their price target on shares of Medtronic from $110.00 to $117.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Medtronic currently has an average rating of “Buy” and an average target price of $113.84.
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
Further Reading: Sell-Side Analysts
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