56,971 Shares in Medtronic plc (NYSE:MDT) Bought by Magnolia Capital Advisors LLC

Magnolia Capital Advisors LLC bought a new stake in Medtronic plc (NYSE:MDT - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 56,971 shares of the medical technology company's stock, valued at approximately $4,484,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Chemung Canal Trust Co. lifted its stake in Medtronic by 1,467.5% in the 1st quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company's stock valued at $4,175,000 after acquiring an additional 44,846 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in Medtronic in the second quarter valued at $25,643,000. SageView Advisory Group LLC increased its stake in Medtronic by 130.3% in the 1st quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company's stock valued at $1,467,000 after buying an additional 9,523 shares during the last quarter. Daiwa Securities Group Inc. lifted its position in Medtronic by 10.0% during the 1st quarter. Daiwa Securities Group Inc. now owns 135,268 shares of the medical technology company's stock worth $11,789,000 after buying an additional 12,250 shares in the last quarter. Finally, Burns J W & Co. Inc. NY boosted its position in Medtronic by 17.4% during the first quarter. Burns J W & Co. Inc. NY now owns 3,276 shares of the medical technology company's stock valued at $286,000 after purchasing an additional 486 shares during the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. UBS Group raised shares of Medtronic from a "sell" rating to a "neutral" rating and lifted their price objective for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. Daiwa America raised Medtronic to a "strong-buy" rating in a research report on Friday, August 23rd. Robert W. Baird raised their price objective on Medtronic from $82.00 to $90.00 and gave the company a "neutral" rating in a research report on Wednesday, August 21st. Stifel Nicolaus lifted their target price on Medtronic from $85.00 to $87.00 and gave the stock a "hold" rating in a research note on Wednesday, August 21st. Finally, Oppenheimer raised their price target on Medtronic from $92.00 to $94.00 and gave the company a "market perform" rating in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $92.92.

Medtronic Price Performance

Medtronic stock traded up $0.57 during trading hours on Friday, reaching $89.32. 5,232,492 shares of the stock were exchanged, compared to its average volume of 6,412,290. 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 plc has a twelve month low of $68.84 and a twelve month high of $91.49. The company has a market cap of $114.53 billion, a P/E ratio of 32.48, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84. The stock has a 50 day moving average of $85.79 and a two-hundred day moving average of $83.12.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $7.97 billion for the quarter, compared to analysts' expectations of $7.90 billion. During the same period last year, the firm posted $1.20 earnings per share. The firm's quarterly revenue was up 3.4% compared to the same quarter last year. Equities analysts expect that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a $0.70 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.13%. Medtronic's dividend payout ratio (DPR) is currently 101.82%.

About Medtronic

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.