Copley Financial Group Inc. Acquires Shares of 7,706 Medtronic plc (NYSE:MDT)

Copley Financial Group Inc. bought a new position in Medtronic plc (NYSE:MDT - Free Report) during the third quarter, according to the company in its most recent filing with the SEC. The firm bought 7,706 shares of the medical technology company's stock, valued at approximately $694,000. Medtronic accounts for approximately 0.6% of Copley Financial Group Inc.'s investment portfolio, making the stock its 24th biggest holding.

Several other hedge funds have also added to or reduced their stakes in the business. Fortitude Family Office LLC purchased a new position in shares of Medtronic in the third quarter valued at about $27,000. Darwin Wealth Management LLC purchased a new stake in Medtronic in the 3rd quarter worth approximately $27,000. Highline Wealth Partners LLC bought a new stake in shares of Medtronic in the 3rd quarter worth approximately $27,000. J. Stern & Co. LLP purchased a new position in shares of Medtronic during the third quarter valued at approximately $30,000. Finally, Chelsea Counsel Co. bought a new position in shares of Medtronic during the third quarter valued at approximately $45,000. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Down 0.3 %

Shares of Medtronic stock traded down $0.28 during trading on Friday, reaching $82.46. The company's stock had a trading volume of 4,301,543 shares, compared to its average volume of 6,239,336. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $92.68. The company has a 50-day simple moving average of $87.77 and a two-hundred day simple moving average of $84.99. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The company has a market cap of $105.73 billion, a price-to-earnings ratio of 25.17, a P/E/G ratio of 2.35 and a beta of 0.82.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business had revenue of $8.40 billion during the quarter, compared to analysts' expectations of $8.27 billion. During the same quarter last year, the company posted $1.25 earnings per share. The business's quarterly revenue was up 5.2% on a year-over-year basis. As a group, equities analysts forecast that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.40%. Medtronic's dividend payout ratio (DPR) is presently 85.63%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on MDT shares. JPMorgan Chase & Co. cut their price target on shares of Medtronic from $99.00 to $96.00 and set a "neutral" rating on the stock in a report on Friday, November 15th. Daiwa America upgraded shares of Medtronic to a "strong-buy" rating in a research report on Friday, August 23rd. Royal Bank of Canada raised Medtronic from a "sector perform" rating to an "outperform" rating and lifted their price objective for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Barclays upped their target price on Medtronic from $105.00 to $109.00 and gave the stock an "overweight" rating in a report on Tuesday, November 26th. Finally, Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research report on Monday, November 18th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $95.27.

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.