Medtronic plc (NYSE:MDT) Shares Purchased by Arkadios Wealth Advisors

Arkadios Wealth Advisors lifted its position in Medtronic plc (NYSE:MDT) by 22.6% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 60,725 shares of the medical technology company’s stock after acquiring an additional 11,178 shares during the quarter. Arkadios Wealth Advisors’ holdings in Medtronic were worth $5,467,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. Lynx Investment Advisory acquired a new position in Medtronic during the second quarter worth $28,000. Tributary Capital Management LLC purchased a new stake in shares of Medtronic in the first quarter valued at about $33,000. Gleason Group Inc. purchased a new stake in shares of Medtronic in the second quarter valued at about $42,000. Opal Wealth Advisors LLC purchased a new position in Medtronic during the second quarter worth about $43,000. Finally, Olistico Wealth LLC purchased a new position in Medtronic during the second quarter worth about $45,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

MDT has been the subject of several research analyst reports. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Wells Fargo & Company raised their target price on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Citigroup increased their price target on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. Piper Sandler raised their target price on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Finally, Barclays raised their target price on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $95.36.

Medtronic Price Performance

Medtronic stock traded down $0.40 during midday trading on Friday, reaching $90.59. The company’s stock had a trading volume of 3,446,977 shares, compared to its average volume of 6,215,464. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $92.68. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The stock’s 50 day simple moving average is $89.30 and its 200 day simple moving average is $83.84. The firm has a market capitalization of $116.18 billion, a PE ratio of 30.60, a P/E/G ratio of 2.60 and a beta of 0.84.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.03. The business had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business’s revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.20 EPS. On average, equities research analysts forecast that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.09%. The ex-dividend date was Friday, September 27th. Medtronic’s payout ratio is 94.59%.

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.