ABLE Financial Group LLC Acquires 131 Shares of Medtronic plc (NYSE:MDT)

ABLE Financial Group LLC boosted its holdings in Medtronic plc (NYSE:MDT) by 2.0% during the 3rd quarter, Holdings Channel.com reports. The fund owned 6,586 shares of the medical technology company’s stock after purchasing an additional 131 shares during the quarter. ABLE Financial Group LLC’s holdings in Medtronic were worth $593,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in MDT. Fortitude Family Office LLC purchased a new position in shares of Medtronic during the third quarter valued at approximately $27,000. Highline Wealth Partners LLC bought a new stake in shares of Medtronic in the 3rd quarter worth $27,000. Lynx Investment Advisory purchased a new stake in shares of Medtronic in the second quarter valued at about $28,000. Gleason Group Inc. bought a new position in shares of Medtronic during the second quarter valued at about $42,000. Finally, Opal Wealth Advisors LLC purchased a new position in Medtronic during the second quarter worth about $43,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Evercore ISI lifted their price target on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Stifel Nicolaus upped their price objective on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Citigroup lifted their target price on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Finally, UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and increased their price target for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. One equities research 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 data from MarketBeat, Medtronic presently has an average rating of “Hold” and a consensus target price of $95.36.

Medtronic Price Performance

Shares of MDT stock traded up $0.21 during trading hours on Friday, reaching $88.33. The stock had a trading volume of 1,504,435 shares, compared to its average volume of 6,172,407. The stock’s fifty day simple moving average is $89.69 and its 200 day simple moving average is $84.38. The firm has a market capitalization of $113.28 billion, a PE ratio of 29.83, a PEG ratio of 2.55 and a beta of 0.84. Medtronic plc has a 12 month low of $69.32 and a 12 month high of $92.68. 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 (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period last year, the firm earned $1.20 EPS. On average, equities research analysts predict that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.17%. Medtronic’s dividend payout ratio (DPR) is presently 94.59%.

Medtronic 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.