Crestwood Advisors Group LLC Buys 525 Shares of Medtronic plc (NYSE:MDT)

Crestwood Advisors Group LLC raised its position in Medtronic plc (NYSE:MDT) by 8.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,089 shares of the medical technology company’s stock after acquiring an additional 525 shares during the quarter. Crestwood Advisors Group LLC’s holdings in Medtronic were worth $638,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MDT. Fortitude Family Office LLC purchased a new stake in Medtronic in the third quarter worth about $27,000. Highline Wealth Partners LLC purchased a new stake in Medtronic in the 3rd quarter worth approximately $27,000. Lynx Investment Advisory purchased a new stake in Medtronic in the 2nd quarter worth approximately $28,000. Gleason Group Inc. bought a new stake in Medtronic during the 2nd quarter worth approximately $42,000. Finally, Opal Wealth Advisors LLC purchased a new position in Medtronic during the second quarter valued at approximately $43,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MDT. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and raised their price objective for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. Piper Sandler raised their price target on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Wells Fargo & Company increased their target price on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Finally, Oppenheimer boosted their price target on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $95.36.

Medtronic Stock Up 0.5 %

Shares of NYSE MDT opened at $90.09 on Thursday. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. Medtronic plc has a 12-month low of $69.32 and a 12-month high of $92.68. The firm’s 50-day moving average price is $89.69 and its 200-day moving average price is $84.38. The stock has a market capitalization of $115.54 billion, a price-to-earnings ratio of 30.44, a P/E/G ratio of 2.55 and a beta of 0.84.

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 analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.20 earnings per share. On average, equities research analysts anticipate that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.11%. The ex-dividend date was Friday, September 27th. Medtronic’s payout ratio is 94.59%.

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.