LVW Advisors LLC Raises Stock Holdings in Medtronic plc (NYSE:MDT)

by · The Markets Daily

LVW Advisors LLC boosted its stake in Medtronic plc (NYSE:MDT – Free Report) by 51.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 18,349 shares of the medical technology company’s stock after buying an additional 6,231 shares during the period. LVW Advisors LLC’s holdings in Medtronic were worth $1,652,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Virginia Wealth Management Group Inc. raised its holdings in Medtronic by 34.4% in the 3rd quarter. Virginia Wealth Management Group Inc. now owns 29,719 shares of the medical technology company’s stock valued at $2,676,000 after buying an additional 7,600 shares during the period. Franklin Street Advisors Inc. NC lifted its position in shares of Medtronic by 80.8% during the third quarter. Franklin Street Advisors Inc. NC now owns 55,460 shares of the medical technology company’s stock worth $4,993,000 after purchasing an additional 24,780 shares in the last quarter. San Luis Wealth Advisors LLC lifted its position in shares of Medtronic by 126.8% during the third quarter. San Luis Wealth Advisors LLC now owns 7,416 shares of the medical technology company’s stock worth $668,000 after purchasing an additional 4,146 shares in the last quarter. Strategic Advisors LLC lifted its position in shares of Medtronic by 0.6% during the third quarter. Strategic Advisors LLC now owns 33,438 shares of the medical technology company’s stock worth $3,010,000 after purchasing an additional 215 shares in the last quarter. Finally, Advocate Group LLC lifted its position in shares of Medtronic by 4.7% during the third quarter. Advocate Group LLC now owns 101,879 shares of the medical technology company’s stock worth $9,172,000 after purchasing an additional 4,576 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. 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. Stifel Nicolaus increased their price target on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. Citigroup raised their target price on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. Finally, Truist Financial raised their target price on shares of Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $95.14.

Check Out Our Latest Research Report on Medtronic

Medtronic Stock Performance

NYSE:MDT traded up $0.42 during midday trading on Friday, reaching $89.27. The stock had a trading volume of 1,349,548 shares, compared to its average volume of 6,273,510. The firm has a fifty day simple moving average of $87.39 and a two-hundred day simple moving average of $83.42. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $91.49. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The stock has a market cap of $114.49 billion, a P/E ratio of 30.02, a P/E/G ratio of 2.53 and a beta of 0.84.

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

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.14%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 94.59%.

Medtronic Company Profile

(Free Report)

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.

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