Heritage Oak Wealth Advisors LLC Makes New $438,000 Investment in Medtronic plc (NYSE:MDT)

Heritage Oak Wealth Advisors LLC acquired a new position in shares of Medtronic plc (NYSE:MDT - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,562 shares of the medical technology company's stock, valued at approximately $438,000.

A number of other hedge funds have also bought and sold shares of the company. Capital Research Global Investors lifted its stake in shares of Medtronic by 7.1% in the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company's stock valued at $2,691,577,000 after purchasing an additional 2,044,109 shares during the period. Pzena Investment Management LLC grew its holdings in Medtronic by 8.3% in the second quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company's stock worth $653,854,000 after purchasing an additional 637,931 shares during the period. Dimensional Fund Advisors LP increased its stake in Medtronic by 7.8% in the second quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company's stock valued at $560,494,000 after purchasing an additional 515,751 shares in the last quarter. Longview Partners Guernsey LTD raised its holdings in shares of Medtronic by 2.3% during the first quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company's stock valued at $578,245,000 after purchasing an additional 147,737 shares during the period. Finally, Raymond James & Associates boosted its position in shares of Medtronic by 5.7% during the 2nd quarter. Raymond James & Associates now owns 6,246,361 shares of the medical technology company's stock worth $491,651,000 after purchasing an additional 336,618 shares in the last quarter. Institutional investors own 82.06% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on MDT shares. Barclays boosted their price objective on Medtronic from $104.00 to $105.00 and gave the company an "overweight" rating in a report on Thursday, August 22nd. Daiwa America upgraded shares of Medtronic to a "strong-buy" rating in a report on Friday, August 23rd. Royal Bank of Canada reiterated a "sector perform" rating and set a $92.00 price objective on shares of Medtronic in a report on Wednesday, August 21st. UBS Group raised shares of Medtronic from a "sell" rating to a "neutral" rating and upped their price objective for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Finally, Piper Sandler increased their price target on shares of Medtronic from $85.00 to $90.00 and gave the company a "neutral" rating in a research report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has issued 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 $94.21.

Medtronic Price Performance

Shares of MDT stock traded down $0.04 during trading hours on Tuesday, hitting $89.99. 4,907,067 shares of the company's stock were exchanged, compared to its average volume of 6,395,715. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $91.49. The company has a market capitalization of $115.39 billion, a PE ratio of 32.72, a PEG ratio of 2.56 and a beta of 0.84. The business's 50 day simple moving average is $86.21 and its 200-day simple moving average is $83.19. 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 (NYSE:MDT - Get Free Report) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm had revenue of $7.97 billion for the quarter, compared to analysts' expectations of $7.90 billion. During the same quarter last year, the business earned $1.20 earnings per share. The business's revenue was up 3.4% on a year-over-year basis. On average, equities research analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic's payout ratio 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.