Flagship Harbor Advisors LLC Raises Position in Medtronic plc (NYSE:MDT)

Posted by on Jun 23rd, 2023

Flagship Harbor Advisors LLC grew its position in Medtronic plc (NYSE:MDT – Get Rating) by 8.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,380 shares of the medical technology company’s stock after acquiring an additional 857 shares during the period. Flagship Harbor Advisors LLC’s holdings in Medtronic were worth $917,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Private Trust Co. NA boosted its holdings in shares of Medtronic by 20.7% in the first quarter. Private Trust Co. NA now owns 10,080 shares of the medical technology company’s stock valued at $813,000 after acquiring an additional 1,729 shares in the last quarter. Franklin Street Advisors Inc. NC purchased a new stake in shares of Medtronic in the first quarter valued at about $3,429,000. Mutual Advisors LLC boosted its holdings in shares of Medtronic by 12.1% in the first quarter. Mutual Advisors LLC now owns 28,025 shares of the medical technology company’s stock valued at $2,259,000 after acquiring an additional 3,014 shares in the last quarter. Osher Van de Voorde Investment Management purchased a new stake in shares of Medtronic in the first quarter valued at about $13,908,000. Finally, Telemus Capital LLC grew its position in Medtronic by 6.8% during the first quarter. Telemus Capital LLC now owns 20,150 shares of the medical technology company’s stock worth $1,625,000 after buying an additional 1,286 shares during the period. Hedge funds and other institutional investors own 80.48% of the company’s stock.

Medtronic Stock Down 0.2 %

MDT opened at $87.41 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.39 and a quick ratio of 1.81. The stock has a market capitalization of $116.29 billion, a price-to-earnings ratio of 31.00, a price-to-earnings-growth ratio of 2.87 and a beta of 0.71. The business has a 50-day moving average of $86.84 and a two-hundred day moving average of $82.76. Medtronic plc has a 12 month low of $75.76 and a 12 month high of $95.60.

Medtronic (NYSE:MDT – Get Rating) last posted its quarterly earnings results on Thursday, May 25th. The medical technology company reported $1.57 EPS for the quarter, beating the consensus estimate of $1.56 by $0.01. The company had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.25 billion. Medtronic had a return on equity of 13.54% and a net margin of 12.03%. The firm’s revenue was up 5.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.52 EPS. On average, research analysts expect that Medtronic plc will post 5.05 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 14th. Shareholders of record on Friday, June 23rd will be issued a $0.69 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.68. The ex-dividend date is Thursday, June 22nd. This represents a $2.76 annualized dividend and a yield of 3.16%. Medtronic’s payout ratio is 97.87%.

Analysts Set New Price Targets

MDT has been the topic of several research analyst reports. Morgan Stanley raised Medtronic from an “equal weight” rating to an “overweight” rating and set a $104.00 price target on the stock in a research note on Tuesday, May 30th. Stifel Nicolaus raised their price target on Medtronic from $90.00 to $92.00 in a research report on Friday, May 26th. 92 Resources reissued a “maintains” rating on shares of Medtronic in a research note on Friday, May 26th. Sanford C. Bernstein cut their target price on shares of Medtronic from $100.00 to $99.00 in a research report on Friday, May 26th. Finally, StockNews.com upgraded shares of Medtronic from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 26th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Medtronic currently has an average rating of “Hold” and an average price target of $89.53.

About Medtronic

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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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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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