First Interstate Bank Makes New Investment in Medtronic plc (NYSE:MDT)

First Interstate Bank purchased a new stake in shares of Medtronic plc (NYSE:MDTFree Report) in the third quarter, according to the company in its most recent filing with the SEC. The fund purchased 3,751 shares of the medical technology company’s stock, valued at approximately $338,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Fortitude Family Office LLC bought a new position in shares of Medtronic during the 3rd quarter worth $27,000. Highline Wealth Partners LLC purchased a new position in shares of Medtronic during the third quarter worth about $27,000. Lynx Investment Advisory purchased a new stake in Medtronic in the second quarter valued at approximately $28,000. Gleason Group Inc. purchased a new position in Medtronic in the 2nd quarter worth approximately $42,000. Finally, Opal Wealth Advisors LLC bought a new position in Medtronic in the second quarter valued at $43,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

MDT stock traded up $0.82 during midday trading on Friday, hitting $90.07. The company’s stock had a trading volume of 5,052,408 shares, compared to its average volume of 6,204,974. The company has a 50 day moving average of $89.64 and a two-hundred day moving average of $84.13. Medtronic plc has a 12 month low of $69.32 and a 12 month high of $92.68. The firm has a market capitalization of $115.51 billion, a price-to-earnings ratio of 30.43, a price-to-earnings-growth ratio of 2.59 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDTGet Free Report) last announced its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 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 company had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same period in the prior year, the company earned $1.20 earnings per share. The firm’s revenue was up 3.4% on a year-over-year basis. On average, analysts expect that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The business also recently announced 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. This represents a $2.80 annualized dividend and a dividend yield of 3.11%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio is currently 94.59%.

Analyst Ratings Changes

A number of research analysts have commented on the stock. 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. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Friday, October 25th. Evercore ISI lifted their price target on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Daiwa America raised Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Finally, Oppenheimer raised their price objective on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $95.36.

Get Our Latest Research Report on Medtronic

Medtronic Company Profile

(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.

See Also

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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