Chaney Capital Management Inc. Takes Position in Medtronic plc (NYSE:MDT)

Chaney Capital Management Inc. bought a new stake in Medtronic plc (NYSE:MDT) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 4,800 shares of the medical technology company’s stock, valued at approximately $432,000. Medtronic comprises 0.2% of Chaney Capital Management Inc.’s investment portfolio, making the stock its 24th largest position.

Other institutional investors and hedge funds have also made changes to their positions in the company. Manning & Napier Advisors LLC purchased a new stake in shares of Medtronic in the 2nd quarter valued at about $25,643,000. SageView Advisory Group LLC raised its stake in Medtronic by 130.3% during the 1st quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock valued at $1,467,000 after acquiring an additional 9,523 shares during the last quarter. Empowered Funds LLC raised its stake in Medtronic by 174.9% during the 1st quarter. Empowered Funds LLC now owns 74,903 shares of the medical technology company’s stock valued at $6,528,000 after acquiring an additional 47,657 shares during the last quarter. National Bank of Canada FI raised its stake in Medtronic by 13.6% during the 1st quarter. National Bank of Canada FI now owns 261,325 shares of the medical technology company’s stock valued at $21,642,000 after acquiring an additional 31,195 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in Medtronic by 6.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 368,682 shares of the medical technology company’s stock valued at $29,019,000 after acquiring an additional 21,995 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Medtronic stock opened at $90.20 on Monday. 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 stock has a fifty day moving average of $89.64 and a two-hundred day moving average of $84.20. The company has a market capitalization of $115.68 billion, a price-to-earnings ratio of 30.54, a PEG ratio of 2.55 and a beta of 0.84. Medtronic plc has a fifty-two week low of $69.32 and a fifty-two week high of $92.68.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $7.90 billion. During the same quarter last year, the firm earned $1.20 earnings per share. The business’s revenue was up 3.4% on a year-over-year basis. On average, analysts anticipate that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.10%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is 94.59%.

Analysts Set New Price Targets

Several analysts have commented on the company. Evercore ISI upped their price objective on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Friday, October 25th. Citigroup boosted their target price on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. Barclays increased their target price on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Finally, Oppenheimer increased their target price on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $95.36.

Medtronic Company 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.