Spinnaker Trust Has $2.23 Million Stock Holdings in Medtronic plc (NYSE:MDT)

Spinnaker Trust raised its position in Medtronic plc (NYSE:MDT) by 0.7% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 24,808 shares of the medical technology company’s stock after acquiring an additional 162 shares during the period. Spinnaker Trust’s holdings in Medtronic were worth $2,233,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the business. M&G Plc acquired a new stake in Medtronic in the 1st quarter valued at $259,160,000. Capital Research Global Investors increased its position in shares of Medtronic by 7.1% during the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after purchasing an additional 2,044,109 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in Medtronic by 1,195.9% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock worth $144,637,000 after acquiring an additional 1,695,800 shares in the last quarter. International Assets Investment Management LLC increased its stake in shares of Medtronic by 8,908.6% during the 3rd quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock worth $116,896,000 after purchasing an additional 1,284,002 shares during the last quarter. Finally, Troy Asset Management Ltd bought a new stake in shares of Medtronic in the 2nd quarter valued at about $85,440,000. 82.06% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MDT has been the topic of a number of recent analyst reports. Truist Financial boosted their price target on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research report on Monday, October 14th. Robert W. Baird upped their price objective on shares of Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Friday, October 25th. Finally, Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. 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 issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $95.36.

Medtronic Price Performance

MDT stock traded down $0.26 during mid-day trading on Wednesday, hitting $89.42. The stock had a trading volume of 1,331,132 shares, compared to its average volume of 6,166,881. The firm has a fifty day simple moving average of $89.66 and a 200 day simple moving average of $84.34. The firm has a market capitalization of $114.68 billion, a P/E ratio of 30.21, a P/E/G ratio of 2.57 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. Medtronic plc has a 52 week low of $69.32 and a 52 week high of $92.68.

Medtronic (NYSE:MDT) last released 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 return on equity of 13.68% and a net margin of 12.06%. The firm had revenue of $7.97 billion for 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. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. As a group, research analysts forecast that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date was Friday, September 27th. Medtronic’s payout ratio is 94.59%.

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.