Janney Montgomery Scott LLC Boosts Holdings in Medtronic plc (NYSE:MDT)

Janney Montgomery Scott LLC increased its stake in shares of Medtronic plc (NYSE:MDT - Free Report) by 6.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,089,739 shares of the medical technology company's stock after purchasing an additional 63,056 shares during the quarter. Janney Montgomery Scott LLC owned approximately 0.08% of Medtronic worth $98,109,000 as of its most recent SEC filing.

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

Medtronic Trading Up 0.9 %

Shares of MDT traded up $0.82 during mid-day trading on Friday, reaching $90.07. The stock had a trading volume of 5,052,408 shares, compared to its average volume of 4,687,057. Medtronic plc has a 52-week low of $69.32 and a 52-week high of $92.68. The firm has a market cap of $115.51 billion, a price-to-earnings ratio of 30.43, a P/E/G ratio of 2.55 and a beta of 0.84. The business's fifty day moving average is $89.64 and its 200 day moving average is $84.20. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating 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 business had revenue of $7.97 billion during the quarter, compared to analysts' expectations of $7.90 billion. During the same quarter in the prior year, the company posted $1.20 EPS. The business's revenue for the quarter was up 3.4% on a year-over-year basis. On average, sell-side analysts predict that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given 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 was Friday, September 27th. Medtronic's dividend payout ratio is presently 94.59%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Citigroup lifted their price objective on Medtronic from $85.00 to $92.00 and gave the company a "neutral" rating in a research note on Tuesday, October 1st. Wells Fargo & Company raised their price objective on shares of Medtronic from $105.00 to $106.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 21st. Barclays increased their price target on shares of Medtronic from $104.00 to $105.00 and gave the stock an "overweight" rating in a report on Thursday, August 22nd. Royal Bank of Canada upgraded shares of Medtronic from a "sector perform" rating to an "outperform" rating and upped their price objective for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Finally, Daiwa America raised Medtronic to a "strong-buy" rating in a report on Friday, August 23rd. 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 issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Medtronic currently has an average rating of "Hold" and an average price target of $95.36.

Medtronic 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.