Westwood Holdings Group Inc. Trims Stake in Medtronic plc (NYSE:MDT)

Westwood Holdings Group Inc. lessened its holdings in shares of Medtronic plc (NYSE:MDT) by 7.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 124,230 shares of the medical technology company’s stock after selling 10,558 shares during the period. Westwood Holdings Group Inc.’s holdings in Medtronic were worth $9,778,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. LifeSteps Financial Inc. bought a new stake in shares of Medtronic during the 1st quarter worth approximately $27,000. Lynx Investment Advisory purchased a new stake in Medtronic in the second quarter worth $28,000. Tributary Capital Management LLC bought a new stake in shares of Medtronic during the first quarter worth $33,000. Fortis Group Advisors LLC boosted its stake in shares of Medtronic by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after purchasing an additional 230 shares during the period. Finally, Riverview Trust Co purchased a new stake in shares of Medtronic during the first quarter valued at $39,000. Institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on MDT. Stifel Nicolaus lifted their price objective on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. Truist Financial lifted their price target on shares of Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research note on Friday, August 23rd. Barclays increased their price objective on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Daiwa America raised Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Finally, UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and increased their price target for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and a consensus target price of $92.92.

Medtronic Trading Down 0.1 %

Shares of NYSE:MDT opened at $89.34 on Friday. The business’s 50-day moving average is $84.77 and its 200 day moving average is $82.97. 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 plc has a 1 year low of $68.84 and a 1 year high of $91.49. The firm has a market capitalization of $114.56 billion, a P/E ratio of 32.49, a P/E/G ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.20 earnings per share. On average, research analysts predict that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

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

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.