Benedict Financial Advisors Inc. Grows Stock Holdings in Medtronic plc (NYSE:MDT)

Benedict Financial Advisors Inc. increased its holdings in shares of Medtronic plc (NYSE:MDT) by 1.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 73,514 shares of the medical technology company’s stock after purchasing an additional 1,044 shares during the period. Medtronic makes up 1.6% of Benedict Financial Advisors Inc.’s holdings, making the stock its 16th biggest position. Benedict Financial Advisors Inc.’s holdings in Medtronic were worth $6,618,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Lynx Investment Advisory acquired a new position in shares of Medtronic in the second quarter worth about $28,000. Tributary Capital Management LLC acquired a new stake in Medtronic in the 1st quarter valued at about $33,000. Gleason Group Inc. acquired a new position in shares of Medtronic during the 2nd quarter worth approximately $42,000. Opal Wealth Advisors LLC purchased a new position in shares of Medtronic during the 2nd quarter worth $43,000. Finally, Olistico Wealth LLC purchased a new stake in shares of Medtronic in the 2nd quarter valued at approximately $45,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Down 0.4 %

Shares of NYSE MDT traded down $0.40 during mid-day trading on Friday, reaching $90.59. The company had a trading volume of 3,446,977 shares, compared to its average volume of 6,215,464. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $92.68. The stock has a market cap of $116.18 billion, a P/E ratio of 30.60, a PEG ratio of 2.60 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. The firm has a 50 day simple moving average of $89.30 and a two-hundred day simple moving average of $83.84.

Medtronic (NYSE:MDT) last posted 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. The business had revenue of $7.97 billion during 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 business’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.20 EPS. Sell-side analysts predict that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a $0.70 dividend. The ex-dividend date was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.09%. Medtronic’s payout ratio is 94.59%.

Analysts Set New Price Targets

A number of research analysts recently commented on MDT shares. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Friday. Robert W. Baird raised their target price on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Stifel Nicolaus boosted their price target on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Finally, Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. 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 given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $95.36.

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.