Heritage Investors Management Corp Has $7.07 Million Stock Position in Medtronic plc (NYSE:MDT)

Heritage Investors Management Corp increased its position in shares of Medtronic plc (NYSE:MDT) by 0.2% during the 3rd quarter, HoldingsChannel reports. The fund owned 78,554 shares of the medical technology company’s stock after purchasing an additional 188 shares during the quarter. Heritage Investors Management Corp’s holdings in Medtronic were worth $7,072,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Whittier Trust Co. raised its holdings in Medtronic by 3.5% in the first quarter. Whittier Trust Co. now owns 9,502 shares of the medical technology company’s stock worth $828,000 after purchasing an additional 319 shares during the period. Whittier Trust Co. of Nevada Inc. raised its stake in Medtronic by 5.1% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 13,743 shares of the medical technology company’s stock worth $1,198,000 after buying an additional 672 shares during the period. Central Pacific Bank Trust Division bought a new position in Medtronic during the first quarter worth about $183,000. GSA Capital Partners LLP grew its stake in Medtronic by 73.0% in the first quarter. GSA Capital Partners LLP now owns 4,945 shares of the medical technology company’s stock valued at $431,000 after acquiring an additional 2,086 shares during the period. Finally, Commerce Bank increased its holdings in shares of Medtronic by 1.5% in the first quarter. Commerce Bank now owns 173,345 shares of the medical technology company’s stock worth $15,107,000 after acquiring an additional 2,622 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

MDT has been the subject of several research analyst reports. Evercore ISI upped their price target on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Piper Sandler lifted their price target on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Robert W. Baird increased their price objective on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Friday, October 25th. Finally, Wells Fargo & Company upped their price target 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. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $95.36.

Medtronic Stock Performance

Shares of NYSE:MDT traded down $0.48 during trading on Tuesday, reaching $88.83. 201,559 shares of the stock were exchanged, compared to its average volume of 6,169,027. The firm has a market cap of $113.92 billion, a PE ratio of 30.17, a PEG ratio of 2.57 and a beta of 0.84. 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 stock has a 50-day moving average price of $89.64 and a 200-day moving average price of $84.27.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The firm had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.20 EPS. Research analysts expect that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.15%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is 94.59%.

About Medtronic

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.