Alpha Financial Partners LLC Takes Position in Medtronic plc (NYSE:MDT)

Alpha Financial Partners LLC purchased a new position in shares of Medtronic plc (NYSE:MDT) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 2,547 shares of the medical technology company’s stock, valued at approximately $200,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Edgestream Partners L.P. acquired a new stake in shares of Medtronic during the second quarter worth about $239,000. Moors & Cabot Inc. lifted its position in Medtronic by 6.7% during the 2nd quarter. Moors & Cabot Inc. now owns 66,472 shares of the medical technology company’s stock worth $5,232,000 after acquiring an additional 4,183 shares during the period. Renaissance Technologies LLC grew its stake in shares of Medtronic by 32.1% in the 2nd quarter. Renaissance Technologies LLC now owns 636,341 shares of the medical technology company’s stock valued at $50,086,000 after purchasing an additional 154,700 shares during the last quarter. Citizens Financial Group Inc. RI increased its holdings in shares of Medtronic by 243.0% in the second quarter. Citizens Financial Group Inc. RI now owns 12,068 shares of the medical technology company’s stock valued at $950,000 after purchasing an additional 8,550 shares during the period. Finally, One Capital Management LLC purchased a new stake in shares of Medtronic during the second quarter worth approximately $245,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Trading Up 0.1 %

Shares of MDT stock opened at $90.11 on Tuesday. The stock has a market cap of $115.55 billion, a P/E ratio of 32.77, a P/E/G ratio of 2.57 and a beta of 0.84. 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 fifty-two week low of $68.84 and a fifty-two week high of $91.49. The business has a fifty day simple moving average of $83.86 and a 200-day simple moving average of $82.84.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same period last year, the firm posted $1.20 EPS. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors 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 is Friday, September 27th. Medtronic’s payout ratio is currently 101.82%.

Analysts Set New Price Targets

A number of research firms recently weighed in on MDT. The Goldman Sachs Group began coverage on shares of Medtronic in a research note on Thursday, May 30th. They issued a “sell” rating and a $83.00 price objective on the stock. Barclays increased 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. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. Citigroup cut their target price on Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Finally, 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. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Medtronic currently has a consensus 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.