Wealth Alliance Increases Stake in Medtronic plc (NYSE:MDT)

Wealth Alliance grew its stake in Medtronic plc (NYSE:MDT) by 6.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,353 shares of the medical technology company’s stock after purchasing an additional 321 shares during the period. Wealth Alliance’s holdings in Medtronic were worth $421,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in MDT. LifeSteps Financial Inc. acquired a new stake in Medtronic during the first quarter valued at $27,000. Lynx Investment Advisory acquired a new stake in shares of Medtronic during the 2nd quarter valued at about $28,000. Tributary Capital Management LLC purchased a new position in shares of Medtronic in the 1st quarter valued at about $33,000. Riverview Trust Co acquired a new position in Medtronic in the 1st quarter worth about $39,000. Finally, Fortis Group Advisors LLC boosted its position in Medtronic by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after purchasing an additional 230 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on MDT shares. Truist Financial boosted their price objective on Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research report on Friday, August 23rd. Oppenheimer upped their price target on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. Daiwa America upgraded Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Robert W. Baird raised their price target on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Medtronic currently has an average rating of “Hold” and a consensus price target of $92.92.

Medtronic Price Performance

Shares of MDT opened at $89.47 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The stock has a market cap of $114.72 billion, a PE ratio of 32.53, a P/E/G ratio of 2.57 and a beta of 0.84. The firm has a 50-day simple moving average of $84.55 and a two-hundred day simple moving average of $82.96. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.49.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same period last year, the business posted $1.20 earnings per share. The company’s quarterly revenue was up 3.4% on a year-over-year basis. As a group, analysts forecast that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.13%. The ex-dividend date is Friday, September 27th. Medtronic’s payout ratio is currently 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.