Prestige Wealth Management Group LLC Boosts Stock Holdings in Medtronic plc (NYSE:MDT)

Prestige Wealth Management Group LLC increased its position in shares of Medtronic plc (NYSE:MDT) by 9.1% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 7,706 shares of the medical technology company’s stock after buying an additional 645 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in Medtronic were worth $612,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ballentine Partners LLC raised its position 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 worth $1,146,000 after acquiring an additional 786 shares during the period. Koss Olinger Consulting LLC purchased a new position in shares of Medtronic in the 2nd quarter valued at about $1,722,000. Lynch & Associates IN raised its holdings in Medtronic by 33.4% in the 2nd quarter. Lynch & Associates IN now owns 6,324 shares of the medical technology company’s stock worth $498,000 after purchasing an additional 1,585 shares during the period. Certuity LLC purchased a new position in Medtronic during the second quarter worth approximately $271,000. Finally, Acadian Asset Management LLC grew its holdings in Medtronic by 1,240.9% in the second quarter. Acadian Asset Management LLC now owns 38,484 shares of the medical technology company’s stock valued at $3,027,000 after purchasing an additional 35,614 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on MDT shares. Wells Fargo & Company upped their price objective on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Citigroup decreased their price target on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. The Goldman Sachs Group started coverage on Medtronic in a research report on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price on the stock. Finally, Barclays boosted their price target on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. One 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $92.92.

Medtronic Price Performance

MDT traded up $0.50 on Friday, hitting $89.89. 7,116,627 shares of the company were exchanged, compared to its average volume of 6,304,211. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.49. The firm has a market capitalization of $115.26 billion, a P/E ratio of 32.69, a price-to-earnings-growth ratio of 2.52 and a beta of 0.84. The business’s fifty day moving average is $82.29 and its 200 day moving average is $82.60. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same period in the prior year, the business earned $1.20 earnings per share. The business’s revenue was up 3.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The firm also recently declared 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 payout ratio is 101.82%.

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.