RBA Wealth Management LLC Acquires 5,429 Shares of Medtronic plc (NYSE:MDT)

by · The Markets Daily

RBA Wealth Management LLC lifted its position in shares of Medtronic plc (NYSE:MDT – Free Report) by 12.3% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 49,495 shares of the medical technology company’s stock after purchasing an additional 5,429 shares during the quarter. Medtronic comprises 1.7% of RBA Wealth Management LLC’s investment portfolio, making the stock its 28th biggest holding. RBA Wealth Management LLC’s holdings in Medtronic were worth $4,456,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Lynx Investment Advisory bought a new stake in shares of Medtronic in the second quarter worth $28,000. Tributary Capital Management LLC bought a new stake in Medtronic during the 1st quarter valued at $33,000. Riverview Trust Co purchased a new stake in shares of Medtronic during the 1st quarter valued at $39,000. Gleason Group Inc. purchased a new stake in shares of Medtronic during the 2nd quarter valued at $42,000. Finally, Opal Wealth Advisors LLC purchased a new position in shares of Medtronic during the 2nd quarter valued at about $43,000. 82.06% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on MDT. Wells Fargo & Company lifted their price target on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. Robert W. Baird increased their price target on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Oppenheimer increased their target price on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. Finally, Stifel Nicolaus increased their target price on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $95.36.

Check Out Our Latest Stock Report on Medtronic

Medtronic Stock Up 0.3 %

MDT traded up $0.23 during trading on Tuesday, reaching $91.26. 2,099,763 shares of the stock were exchanged, compared to its average volume of 6,225,245. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $92.25. The stock has a market cap of $117.02 billion, a P/E ratio of 33.11, a price-to-earnings-growth ratio of 2.53 and a beta of 0.84. The stock’s 50 day moving average price is $88.65 and its two-hundred day moving average price is $83.63. 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 (NYSE:MDT – Get Free Report) last announced its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) 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 company had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter in the previous year, the business posted $1.20 earnings per share. Medtronic’s quarterly revenue was up 3.4% on a year-over-year basis. Equities analysts expect that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Announces Dividend

The company 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. This represents a $2.80 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio is presently 101.82%.

About Medtronic

(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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