49,128 Shares in Medtronic plc (NYSE:MDT) Bought by Synergy Asset Management LLC

Synergy Asset Management LLC purchased a new stake in Medtronic plc (NYSE:MDT) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 49,128 shares of the medical technology company’s stock, valued at approximately $3,867,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. LifeSteps Financial Inc. acquired a new stake in Medtronic during the first quarter worth about $27,000. Lynx Investment Advisory acquired a new stake in shares of Medtronic during the 2nd quarter worth approximately $28,000. Tributary Capital Management LLC purchased a new position in shares of Medtronic during the 1st quarter valued at approximately $33,000. Fortis Group Advisors LLC increased its holdings in shares of Medtronic by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after purchasing an additional 230 shares in the last quarter. Finally, Riverview Trust Co acquired a new position in shares of Medtronic in the 1st quarter valued at $39,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Price Performance

Shares of MDT traded up $0.68 during trading hours on Friday, hitting $90.07. 833,139 shares of the stock were exchanged, compared to its average volume of 6,267,680. The stock’s 50-day moving average price is $82.06 and its two-hundred day moving average price is $82.59. 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 company has a market cap of $115.49 billion, a price-to-earnings ratio of 32.51, a price-to-earnings-growth ratio of 2.52 and a beta of 0.82. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $91.49.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.20 earnings per share. Research analysts expect that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is 101.82%.

Analysts Set New Price Targets

A number of research firms have weighed in on MDT. Stifel Nicolaus lifted their price objective on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and lifted their price target for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. Barclays upped their price target on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Wells Fargo & Company raised their price objective on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research note on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $92.92.

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.