Laffer Tengler Investments Inc. Acquires 222 Shares of Medtronic plc (NYSE:MDT)

Laffer Tengler Investments Inc. increased its holdings in shares of Medtronic plc (NYSE:MDT) by 0.4% during the 3rd quarter, HoldingsChannel reports. The fund owned 50,101 shares of the medical technology company’s stock after buying an additional 222 shares during the period. Laffer Tengler Investments Inc.’s holdings in Medtronic were worth $4,511,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Clear Harbor Asset Management LLC grew its stake in shares of Medtronic by 1.2% in the 3rd quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock worth $861,000 after buying an additional 111 shares during the last quarter. First PREMIER Bank boosted its holdings in Medtronic by 1.8% in the third quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock worth $577,000 after acquiring an additional 116 shares in the last quarter. Precision Wealth Strategies LLC grew its stake in shares of Medtronic by 3.3% in the third quarter. Precision Wealth Strategies LLC now owns 3,741 shares of the medical technology company’s stock worth $337,000 after acquiring an additional 118 shares during the last quarter. Lake Street Advisors Group LLC increased its holdings in shares of Medtronic by 2.0% during the third quarter. Lake Street Advisors Group LLC now owns 6,024 shares of the medical technology company’s stock valued at $547,000 after acquiring an additional 118 shares in the last quarter. Finally, Sigma Planning Corp raised its position in shares of Medtronic by 0.4% in the 3rd quarter. Sigma Planning Corp now owns 28,843 shares of the medical technology company’s stock worth $2,597,000 after purchasing an additional 124 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on MDT. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Barclays boosted their price objective on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Truist Financial increased their target price on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday, October 14th. Citigroup boosted their price target on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Finally, Piper Sandler increased their price objective on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $95.36.

Medtronic Stock Performance

Shares of NYSE:MDT traded up $0.92 during trading on Monday, hitting $88.64. The company’s stock had a trading volume of 387,828 shares, compared to its average volume of 6,176,299. The company has a 50-day moving average of $89.68 and a 200-day moving average of $84.51. 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 has a market cap of $113.68 billion, a price-to-earnings ratio of 29.64, a P/E/G ratio of 2.51 and a beta of 0.84. Medtronic plc has a 12 month low of $71.64 and a 12 month high of $92.68.

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 business had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter last year, the company posted $1.20 EPS. The company’s revenue was up 3.4% compared to the same quarter last year. On average, sell-side analysts expect that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently declared 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 annualized dividend and a yield of 3.16%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio is presently 94.59%.

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.