Fifth Third Bancorp Purchases 11,806 Shares of Medtronic PLC $MDT

Fifth Third Bancorp increased its position in shares of Medtronic PLC (NYSE:MDT) by 6.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 200,328 shares of the medical technology company’s stock after purchasing an additional 11,806 shares during the period. Fifth Third Bancorp’s holdings in Medtronic were worth $19,079,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of MDT. Delos Wealth Advisors LLC purchased a new stake in shares of Medtronic during the second quarter worth about $27,000. Corundum Trust Company INC bought a new position in Medtronic in the 3rd quarter worth approximately $27,000. Valley Wealth Managers Inc. purchased a new stake in Medtronic during the 3rd quarter valued at approximately $29,000. Steigerwald Gordon & Koch Inc. bought a new stake in shares of Medtronic during the third quarter valued at approximately $33,000. Finally, Tripletail Wealth Management LLC purchased a new position in shares of Medtronic in the third quarter worth $34,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on MDT shares. William Blair upgraded shares of Medtronic from a “market perform” rating to an “outperform” rating in a report on Tuesday, January 6th. Piper Sandler restated a “neutral” rating on shares of Medtronic in a research report on Monday, January 5th. Robert W. Baird set a $103.00 target price on Medtronic in a report on Tuesday, December 16th. Wall Street Zen raised Medtronic from a “hold” rating to a “buy” rating in a research note on Friday, January 23rd. Finally, Daiwa Securities Group raised their price target on Medtronic from $104.00 to $117.00 and gave the company a “buy” rating in a report on Tuesday, November 25th. Sixteen equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $111.21.

Medtronic Trading Down 1.3%

MDT opened at $99.57 on Tuesday. The stock has a 50-day moving average of $99.25 and a 200 day moving average of $96.53. The company has a current ratio of 2.42, a quick ratio of 1.80 and a debt-to-equity ratio of 0.57. Medtronic PLC has a 12 month low of $79.55 and a 12 month high of $106.33. The firm has a market cap of $127.65 billion, a P/E ratio of 26.84, a P/E/G ratio of 2.62 and a beta of 0.71.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 18th. The medical technology company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.05. The business had revenue of $8.96 billion during the quarter, compared to analyst estimates of $8.86 billion. Medtronic had a return on equity of 14.86% and a net margin of 13.71%.The company’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period last year, the company earned $1.26 EPS. As a group, research analysts forecast that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 16th. Shareholders of record on Friday, December 26th were paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Friday, December 26th. Medtronic’s payout ratio is presently 76.55%.

About Medtronic

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).