Medtronic plc (NYSE:MDT) Shares Acquired by Archer Investment Corp

Archer Investment Corp increased its position in Medtronic plc (NYSE:MDT) by 40.1% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 517 shares of the medical technology company’s stock after purchasing an additional 148 shares during the period. Archer Investment Corp’s holdings in Medtronic were worth $46,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Illinois Municipal Retirement Fund boosted its stake in Medtronic by 307.2% in the second quarter. Illinois Municipal Retirement Fund now owns 119,389 shares of the medical technology company’s stock valued at $10,518,000 after acquiring an additional 90,068 shares during the period. Toronto Dominion Bank boosted its stake in Medtronic by 109.0% in the first quarter. Toronto Dominion Bank now owns 802,643 shares of the medical technology company’s stock valued at $64,674,000 after acquiring an additional 418,648 shares during the period. Trust Co. of Toledo NA OH boosted its stake in Medtronic by 20.6% in the second quarter. Trust Co. of Toledo NA OH now owns 17,220 shares of the medical technology company’s stock valued at $1,517,000 after acquiring an additional 2,940 shares during the period. Viawealth LLC boosted its stake in Medtronic by 3.3% in the first quarter. Viawealth LLC now owns 12,085 shares of the medical technology company’s stock valued at $974,000 after acquiring an additional 390 shares during the period. Finally, Argent Trust Co boosted its position in shares of Medtronic by 5.0% during the first quarter. Argent Trust Co now owns 40,743 shares of the medical technology company’s stock worth $3,285,000 after buying an additional 1,948 shares during the period. 80.75% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Price Performance

NYSE MDT opened at $70.68 on Friday. The stock has a market capitalization of $94.04 billion, a P/E ratio of 26.08, a P/E/G ratio of 2.48 and a beta of 0.71. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $92.02. The business’s fifty day moving average is $75.89 and its two-hundred day moving average is $82.61. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.79 and a current ratio of 2.42.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.09. Medtronic had a return on equity of 13.81% and a net margin of 11.47%. The company had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.57 billion. During the same quarter in the prior year, the company earned $1.13 earnings per share. The firm’s revenue was up 4.5% on a year-over-year basis. On average, research analysts forecast that Medtronic plc will post 5.12 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Shareholders of record on Friday, September 22nd were given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 3.90%. The ex-dividend date was Thursday, September 21st. Medtronic’s payout ratio is 101.85%.

Insiders Place Their Bets

In other Medtronic news, EVP Gregory L. Smith sold 10,000 shares of Medtronic stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $83.84, for a total transaction of $838,400.00. Following the transaction, the executive vice president now directly owns 46,723 shares in the company, valued at approximately $3,917,256.32. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Medtronic news, EVP Gregory L. Smith sold 10,000 shares of Medtronic stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $83.84, for a total transaction of $838,400.00. Following the transaction, the executive vice president now directly owns 46,723 shares in the company, valued at approximately $3,917,256.32. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Brett A. Wall sold 1,000 shares of the business’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $83.38, for a total transaction of $83,380.00. Following the transaction, the executive vice president now owns 33,573 shares in the company, valued at $2,799,316.74. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on MDT shares. Oppenheimer reiterated a “market perform” rating and set a $89.00 price objective on shares of Medtronic in a research report on Wednesday, August 23rd. UBS Group boosted their price objective on Medtronic from $79.00 to $82.00 and gave the stock a “sell” rating in a research report on Wednesday, August 23rd. Wells Fargo & Company boosted their price objective on Medtronic from $100.00 to $102.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 23rd. Stifel Nicolaus boosted their price objective on Medtronic from $92.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, August 22nd. Finally, Robert W. Baird began coverage on Medtronic in a research report on Tuesday, July 18th. They set a “neutral” rating and a $90.00 price objective for the company. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $91.94.

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.