Medtronic plc (NYSE:MDT) Shares Bought by Mengis Capital Management Inc.

Mengis Capital Management Inc. grew its stake in shares of Medtronic plc (NYSE:MDT) by 1.3% in the 3rd quarter, Holdings Channel reports. The firm owned 89,373 shares of the medical technology company’s stock after acquiring an additional 1,116 shares during the quarter. Medtronic comprises approximately 1.6% of Mengis Capital Management Inc.’s holdings, making the stock its 14th biggest position. Mengis Capital Management Inc.’s holdings in Medtronic were worth $8,046,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. RPG Investment Advisory LLC increased its position in Medtronic by 1.6% in the 3rd quarter. RPG Investment Advisory LLC now owns 152,021 shares of the medical technology company’s stock valued at $13,686,000 after acquiring an additional 2,410 shares during the period. Victory Capital Management Inc. grew its stake in shares of Medtronic by 19.1% in the third quarter. Victory Capital Management Inc. now owns 1,958,421 shares of the medical technology company’s stock worth $176,317,000 after purchasing an additional 313,525 shares in the last quarter. Aptus Capital Advisors LLC raised its stake in shares of Medtronic by 14.9% during the third quarter. Aptus Capital Advisors LLC now owns 11,500 shares of the medical technology company’s stock valued at $1,035,000 after purchasing an additional 1,487 shares in the last quarter. Aigen Investment Management LP acquired a new stake in Medtronic in the third quarter worth approximately $586,000. Finally, Savvy Advisors Inc. acquired a new stake in shares of Medtronic in the third quarter valued at $404,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Trading Down 0.0 %

Shares of MDT opened at $88.25 on Wednesday. The stock’s 50-day moving average price is $89.65 and its 200 day moving average price is $84.63. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. Medtronic plc has a 12-month low of $71.64 and a 12-month high of $92.68. The firm has a market capitalization of $113.18 billion, a price-to-earnings ratio of 29.81, a P/E/G ratio of 2.52 and a beta of 0.84.

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

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.17%. Medtronic’s dividend payout ratio (DPR) is currently 94.59%.

Analyst Ratings Changes

Several equities research analysts have commented on MDT shares. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Robert W. Baird increased their target price on shares of Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Piper Sandler lifted their price target 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. Citigroup increased their price objective on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. Finally, Barclays raised their price target on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $95.36.

Medtronic Company 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.