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

First Interstate Bank purchased a new stake in shares of Medtronic plc (NYSE:MDT) 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:MDT) 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.

Medtronic Company 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.