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Two Sigma Advisers LP Buys 189,088 Shares of Medtronic plc (NYSE:MDT)

Medtronic logo with Medical background

Two Sigma Advisers LP increased its stake in Medtronic plc (NYSE:MDT - Free Report) by 131.2% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 333,220 shares of the medical technology company's stock after acquiring an additional 189,088 shares during the quarter. Two Sigma Advisers LP's holdings in Medtronic were worth $30,000,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of MDT. Olstein Capital Management L.P. lifted its position in shares of Medtronic by 19.2% during the 3rd quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company's stock worth $7,833,000 after purchasing an additional 14,000 shares during the last quarter. Ferguson Wellman Capital Management Inc. bought a new position in Medtronic during the third quarter worth about $9,486,000. Harvest Portfolios Group Inc. lifted its holdings in Medtronic by 6.5% during the third quarter. Harvest Portfolios Group Inc. now owns 689,131 shares of the medical technology company's stock worth $62,042,000 after acquiring an additional 42,112 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Medtronic by 6.3% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 368,682 shares of the medical technology company's stock valued at $29,019,000 after purchasing an additional 21,995 shares during the period. Finally, Arkadios Wealth Advisors raised its stake in shares of Medtronic by 22.6% in the 3rd quarter. Arkadios Wealth Advisors now owns 60,725 shares of the medical technology company's stock valued at $5,467,000 after purchasing an additional 11,178 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Price Performance

NYSE MDT traded down $0.13 on Friday, hitting $84.01. 4,310,061 shares of the company's stock were exchanged, compared to its average volume of 6,777,642. The stock has a 50-day moving average of $88.25 and a 200-day moving average of $84.99. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $92.68. The stock has a market cap of $107.73 billion, a price-to-earnings ratio of 25.69, a P/E/G ratio of 2.42 and a beta of 0.82.

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

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be issued a $0.70 dividend. The ex-dividend date is Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.33%. Medtronic's payout ratio is 85.63%.

Wall Street Analysts Forecast Growth

MDT has been the topic of a number of recent research reports. JPMorgan Chase & Co. lowered their target price on Medtronic from $99.00 to $96.00 and set a "neutral" rating on the stock in a research report on Friday, November 15th. Piper Sandler lifted their target price on Medtronic from $85.00 to $90.00 and gave the company a "neutral" rating in a research report on Wednesday, August 21st. Barclays lifted their target price on Medtronic from $105.00 to $109.00 and gave the company an "overweight" rating in a research report on Tuesday, November 26th. Oppenheimer lifted their target price on Medtronic from $92.00 to $94.00 and gave the company a "market perform" rating in a research report on Wednesday, August 21st. Finally, Citigroup lifted their target price on Medtronic from $85.00 to $92.00 and gave the company a "neutral" rating in a research report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $95.27.

View Our Latest Report on Medtronic

About Medtronic

(Free Report)

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.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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