Vaughan David Investments LLC IL Grows Stake in Medtronic plc (NYSE:MDT)

Vaughan David Investments LLC IL grew its position in Medtronic plc (NYSE:MDT) by 2.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 362,003 shares of the medical technology company’s stock after purchasing an additional 10,079 shares during the quarter. Vaughan David Investments LLC IL’s holdings in Medtronic were worth $28,493,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Van Hulzen Asset Management LLC lifted its position in Medtronic by 4.0% during the second quarter. Van Hulzen Asset Management LLC now owns 7,945 shares of the medical technology company’s stock valued at $625,000 after purchasing an additional 308 shares during the period. Daiwa Securities Group Inc. grew its stake in shares of Medtronic by 12.4% in the 2nd quarter. Daiwa Securities Group Inc. now owns 152,028 shares of the medical technology company’s stock valued at $11,966,000 after buying an additional 16,760 shares during the period. RPG Investment Advisory LLC grew its stake in shares of Medtronic by 39.4% in the 2nd quarter. RPG Investment Advisory LLC now owns 149,611 shares of the medical technology company’s stock valued at $11,776,000 after buying an additional 42,279 shares during the period. Global X Japan Co. Ltd. lifted its holdings in shares of Medtronic by 6.9% in the 2nd quarter. Global X Japan Co. Ltd. now owns 5,219 shares of the medical technology company’s stock worth $411,000 after acquiring an additional 339 shares during the last quarter. Finally, LGT Fund Management Co Ltd. acquired a new stake in Medtronic during the 2nd quarter worth approximately $1,885,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of NYSE:MDT opened at $90.99 on Wednesday. The company has a market capitalization of $116.69 billion, a price-to-earnings ratio of 33.09, a P/E/G ratio of 2.56 and a beta of 0.84. The firm’s 50 day simple moving average is $82.83 and its 200 day simple moving average is $82.65. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.49.

Medtronic (NYSE:MDT) last released 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 business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same period last year, the business earned $1.20 earnings per share. The firm’s revenue was up 3.4% on a year-over-year basis. As a group, sell-side analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently declared 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 3.08%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Robert W. Baird increased their price objective on shares of Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Wells Fargo & Company raised 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. Oppenheimer raised their target price on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and raised their target price for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Finally, Stifel Nicolaus raised their price objective on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Medtronic presently has an average rating of “Hold” and an average target price of $92.92.

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.