Wedmont Private Capital Grows Position in Medtronic plc (NYSE:MDT)

Wedmont Private Capital raised its holdings in shares of Medtronic plc (NYSE:MDT) by 10.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,798 shares of the medical technology company’s stock after buying an additional 457 shares during the quarter. Wedmont Private Capital’s holdings in Medtronic were worth $418,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Daymark Wealth Partners LLC grew its holdings in shares of Medtronic by 2.4% in the third quarter. Daymark Wealth Partners LLC now owns 42,553 shares of the medical technology company’s stock valued at $3,831,000 after purchasing an additional 987 shares during the period. Saxon Interests Inc. grew its holdings in shares of Medtronic by 16.4% in the third quarter. Saxon Interests Inc. now owns 11,848 shares of the medical technology company’s stock valued at $1,067,000 after purchasing an additional 1,665 shares during the period. Perkins Coie Trust Co grew its holdings in shares of Medtronic by 0.9% in the third quarter. Perkins Coie Trust Co now owns 38,978 shares of the medical technology company’s stock valued at $3,509,000 after purchasing an additional 348 shares during the period. First PREMIER Bank grew its holdings in shares of Medtronic by 1.8% in the third quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock valued at $577,000 after purchasing an additional 116 shares during the period. Finally, Future Financial Wealth Managment LLC purchased a new stake in shares of Medtronic in the third quarter valued at about $128,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Trading Up 0.6 %

NYSE MDT opened at $89.36 on Friday. The firm has a 50 day simple moving average of $87.54 and a 200-day simple moving average of $83.46. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. Medtronic plc has a one year low of $68.84 and a one year high of $91.49. The firm has a market cap of $114.58 billion, a price-to-earnings ratio of 32.49, a PEG ratio of 2.53 and a beta of 0.84.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter in the previous year, the firm earned $1.20 earnings per share. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. Equities research analysts anticipate that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.13%. Medtronic’s payout ratio is currently 101.82%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MDT. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. Barclays upped their target price on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and upped their target price for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. Piper Sandler upped their target price 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. Finally, Citigroup upped their target price on shares of 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, eight have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Medtronic has a consensus rating of “Hold” and an average price target of $95.14.

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.