Arlington Partners LLC Buys 4,430 Shares of Medtronic plc (NYSE:MDT)

Arlington Partners LLC grew its stake in shares of Medtronic plc (NYSE:MDT) by 12.6% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 39,548 shares of the medical technology company’s stock after purchasing an additional 4,430 shares during the quarter. Arlington Partners LLC’s holdings in Medtronic were worth $3,113,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Morton Community Bank grew its holdings in shares of Medtronic by 6.0% in the second quarter. Morton Community Bank now owns 35,291 shares of the medical technology company’s stock valued at $2,778,000 after purchasing an additional 2,001 shares in the last quarter. Prestige Wealth Management Group LLC grew its holdings in shares of Medtronic by 9.1% in the second quarter. Prestige Wealth Management Group LLC now owns 7,706 shares of the medical technology company’s stock valued at $612,000 after purchasing an additional 645 shares in the last quarter. Ballentine Partners LLC grew its holdings in shares of Medtronic by 5.7% in the second quarter. Ballentine Partners LLC now owns 14,555 shares of the medical technology company’s stock valued at $1,146,000 after purchasing an additional 786 shares in the last quarter. Koss Olinger Consulting LLC purchased a new position in shares of Medtronic in the second quarter valued at $1,722,000. Finally, Lynch & Associates IN grew its holdings in shares of Medtronic by 33.4% in the second quarter. Lynch & Associates IN now owns 6,324 shares of the medical technology company’s stock valued at $498,000 after purchasing an additional 1,585 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Trading Up 0.6 %

Shares of MDT traded up $0.50 during trading hours on Friday, reaching $89.89. 7,116,627 shares of the company traded hands, compared to its average volume of 6,304,211. The firm has a market cap of $115.26 billion, a price-to-earnings ratio of 32.69, a PEG ratio of 2.52 and a beta of 0.84. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $91.49. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The stock’s fifty day moving average price is $82.29 and its 200 day moving average price is $82.60.

Medtronic (NYSE:MDT) last issued its earnings results 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 firm 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 business’s revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.20 earnings per share. Sell-side analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The company 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. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.11%. Medtronic’s payout ratio is currently 101.82%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Oppenheimer raised their target price on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. Truist Financial lifted their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. Stifel Nicolaus lifted their price objective on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. Finally, Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Medtronic currently has an average rating of “Hold” and a consensus price target of $92.92.

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.