Signet Investment Advisory Group Inc. Increases Stock Holdings in Medtronic plc (NYSE:MDT)

Signet Investment Advisory Group Inc. increased its holdings in Medtronic plc (NYSE:MDT) by 7.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 20,567 shares of the medical technology company’s stock after purchasing an additional 1,353 shares during the period. Signet Investment Advisory Group Inc.’s holdings in Medtronic were worth $1,619,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. MeadowBrook Investment Advisors LLC purchased a new stake in shares of Medtronic in the fourth quarter valued at $27,000. LifeSteps Financial Inc. purchased a new stake in Medtronic during the first quarter valued at about $27,000. Lynx Investment Advisory purchased a new stake in Medtronic during the second quarter valued at about $28,000. Tributary Capital Management LLC purchased a new stake in Medtronic during the first quarter valued at about $33,000. Finally, Fortis Group Advisors LLC grew its position in Medtronic by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after acquiring an additional 230 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of Medtronic stock traded up $0.95 on Friday, reaching $84.60. 5,374,797 shares of the company were exchanged, compared to its average volume of 6,239,440. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. The company’s 50-day moving average is $80.00 and its two-hundred day moving average is $82.34. The firm has a market cap of $108.48 billion, a price-to-earnings ratio of 30.76, a P/E/G ratio of 2.35 and a beta of 0.82. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $89.18.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The business had revenue of $8.59 billion during the quarter, compared to analyst estimates of $8.44 billion. During the same period in the prior year, the company posted $1.57 EPS. The business’s revenue for the quarter was up .5% compared to the same quarter last year. As a group, research analysts expect that Medtronic plc will post 5.44 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, October 11th. Investors of record on Friday, September 27th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is 101.82%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on MDT. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Monday, August 12th. Wells Fargo & Company boosted their price target on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a research report on Wednesday, July 17th. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and upped their target price for the stock from $76.00 to $90.00 in a research report on Thursday. Finally, Truist Financial cut their price target on Medtronic from $88.00 to $85.00 and set a “hold” rating on the stock in a research note on Tuesday, July 16th. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $91.30.

Insider Buying and Selling

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction on Friday, June 7th. The stock was sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the completion of the transaction, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.30% of the company’s stock.

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.