Alliance Wealth Advisors LLC grew its holdings in shares of Medtronic plc (NYSE:MDT – Get Rating) by 24.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,072 shares of the medical technology company's stock after acquiring an additional 791 shares during the period. Alliance Wealth Advisors LLC's holdings in Medtronic were worth $365,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also recently modified their holdings of the business. Landmark Wealth Management LLC bought a new position in Medtronic in the 1st quarter worth $25,000. Syverson Strege & Co bought a new position in Medtronic in the 1st quarter worth $29,000. Kenfarb & CO. bought a new position in Medtronic in the 4th quarter worth $29,000. Byrne Asset Management LLC bought a new position in Medtronic in the 4th quarter worth $34,000. Finally, Mascoma Wealth Management LLC boosted its holdings in Medtronic by 41.7% in the 1st quarter. Mascoma Wealth Management LLC now owns 394 shares of the medical technology company's stock worth $44,000 after buying an additional 116 shares during the period. Institutional investors own 79.81% of the company's stock.
Get Medtronic alerts:Medtronic Price Performance
Shares of MDT opened at $82.59 on Thursday. The company has a market cap of $109.77 billion, a price-to-earnings ratio of 21.34, a price-to-earnings-growth ratio of 2.13 and a beta of 0.75. Medtronic plc has a twelve month low of $80.39 and a twelve month high of $128.85. The company has a quick ratio of 1.23, a current ratio of 1.58 and a debt-to-equity ratio of 0.33. The company has a 50 day moving average of $90.31 and a two-hundred day moving average of $97.05.
Medtronic (NYSE:MDT – Get Rating) last announced its earnings results on Tuesday, August 23rd. The medical technology company reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.01. The company had revenue of $7.37 billion during the quarter, compared to the consensus estimate of $7.20 billion. Medtronic had a net margin of 16.75% and a return on equity of 13.64%. During the same period last year, the firm earned $1.41 earnings per share. As a group, analysts predict that Medtronic plc will post 5.53 earnings per share for the current fiscal year.Medtronic Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 23rd will be issued a $0.68 dividend. The ex-dividend date of this dividend is Thursday, September 22nd. This represents a $2.72 dividend on an annualized basis and a dividend yield of 3.29%. Medtronic's dividend payout ratio is currently 70.28%.
Analyst Upgrades and Downgrades
Several research firms have commented on MDT. Morgan Stanley dropped their price objective on shares of Medtronic from $103.00 to $101.00 and set an "equal weight" rating for the company in a report on Wednesday, August 24th. Atlantic Securities downgraded shares of Medtronic from an "overweight" rating to a "neutral" rating and dropped their price objective for the company from $125.00 to $105.00 in a report on Wednesday, June 1st. StockNews.com downgraded shares of Medtronic from a "strong-buy" rating to a "buy" rating in a report on Wednesday, August 24th. Raymond James cut shares of Medtronic from an "outperform" rating to a "market perform" rating in a research report on Wednesday, August 24th. Finally, Wells Fargo & Company decreased their target price on shares of Medtronic from $104.00 to $96.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 24th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $111.52.
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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