Medtronic plc (NYSE:MDT) Shares Acquired by Mengis Capital Management Inc.

Mengis Capital Management Inc. lifted its stake in Medtronic plc (NYSE:MDT) by 1.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 89,373 shares of the medical technology company’s stock after buying an additional 1,116 shares during the quarter. Medtronic makes up 1.6% of Mengis Capital Management Inc.’s holdings, making the stock its 14th largest position. Mengis Capital Management Inc.’s holdings in Medtronic were worth $8,046,000 as of its most recent filing with the Securities & Exchange Commission.

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

Analysts Set New Price Targets

MDT has been the subject of several analyst reports. Piper Sandler raised their price objective on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Citigroup raised their price target on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. 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. Evercore ISI lifted their target price on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Finally, Wells Fargo & Company increased 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 assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $95.36.

Medtronic Stock Down 0.0 %

MDT opened at $88.25 on Wednesday. The stock has a market capitalization of $113.18 billion, a P/E ratio of 29.81, a price-to-earnings-growth ratio of 2.52 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. Medtronic plc has a one year low of $71.64 and a one year high of $92.68. The business’s 50-day simple moving average is $89.65 and its 200-day simple moving average is $84.63.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.20 by $0.03. The business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations 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 quarter in the prior year, the business earned $1.20 earnings per share. Analysts anticipate that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.17%. Medtronic’s payout ratio is currently 94.59%.

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.