Medtronic plc (NYSE:MDT) Shares Acquired by Virginia Wealth Management Group Inc.

Virginia Wealth Management Group Inc. increased its position in shares of Medtronic plc (NYSE:MDT) by 34.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 29,719 shares of the medical technology company’s stock after purchasing an additional 7,600 shares during the quarter. Virginia Wealth Management Group Inc.’s holdings in Medtronic were worth $2,676,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. First PREMIER Bank lifted its stake in shares of Medtronic by 1.8% during the third quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock valued at $577,000 after acquiring an additional 116 shares during the period. Boyar Asset Management Inc. lifted its position in Medtronic by 2.6% during the 4th quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock valued at $383,000 after purchasing an additional 120 shares during the period. Quent Capital LLC boosted its stake in shares of Medtronic by 8.0% in the 1st quarter. Quent Capital LLC now owns 1,680 shares of the medical technology company’s stock valued at $146,000 after purchasing an additional 125 shares during the last quarter. Abbrea Capital LLC grew its position in shares of Medtronic by 2.5% during the 1st quarter. Abbrea Capital LLC now owns 5,077 shares of the medical technology company’s stock worth $446,000 after buying an additional 125 shares during the period. Finally, Waterway Wealth Management LLC raised its stake in shares of Medtronic by 4.8% during the second quarter. Waterway Wealth Management LLC now owns 2,759 shares of the medical technology company’s stock worth $217,000 after buying an additional 126 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Up 0.3 %

Medtronic stock traded up $0.30 during midday trading on Friday, reaching $89.15. The stock had a trading volume of 378,145 shares, compared to its average volume of 6,269,225. The stock has a market capitalization of $114.33 billion, a P/E ratio of 30.02, a price-to-earnings-growth ratio of 2.53 and a beta of 0.84. The firm’s fifty day simple moving average is $87.39 and its 200-day simple moving average is $83.42. 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 1-year low of $68.84 and a 1-year high of $91.49.

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

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio is currently 94.59%.

Analysts Set New Price Targets

Several analysts have commented on the stock. Evercore ISI upped their target price on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Truist Financial increased their target price on Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research note on Friday, August 23rd. Stifel Nicolaus boosted their target price on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Medtronic currently has an average rating of “Hold” and an average price target of $95.14.

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.