Cheviot Value Management LLC Has $6.87 Million Stock Holdings in Medtronic plc (NYSE:MDT)

Cheviot Value Management LLC grew its position in shares of Medtronic plc (NYSE:MDT) by 5.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 87,244 shares of the medical technology company’s stock after purchasing an additional 4,500 shares during the quarter. Medtronic makes up 1.3% of Cheviot Value Management LLC’s holdings, making the stock its 23rd biggest holding. Cheviot Value Management LLC’s holdings in Medtronic were worth $6,867,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. LifeSteps Financial Inc. acquired a new stake in shares of Medtronic during the first quarter valued at about $27,000. Lynx Investment Advisory acquired a new stake in shares of Medtronic during the second quarter valued at about $28,000. Tributary Capital Management LLC acquired a new stake in shares of Medtronic during the first quarter valued at about $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 in the last quarter. Finally, Riverview Trust Co bought a new position in shares of Medtronic during the first quarter worth about $39,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on MDT shares. The Goldman Sachs Group started coverage on Medtronic in a research report on Thursday, May 30th. They set a “sell” rating and a $83.00 price objective for the company. Piper Sandler raised their price objective on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Barclays raised their price objective on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research report on Wednesday, August 21st. One equities 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 stock. According to data from MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and an average price target of $92.92.

Medtronic Trading Up 0.6 %

Shares of Medtronic stock opened at $89.86 on Tuesday. 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 52 week low of $68.84 and a 52 week high of $91.49. The stock has a 50 day moving average price of $85.03 and a two-hundred day moving average price of $82.99. The stock has a market capitalization of $115.22 billion, a PE ratio of 32.68, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84.

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

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a $0.70 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.12%. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

About Medtronic

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.