Partnership Wealth Management LLC Has $944,000 Position in Medtronic plc (NYSE:MDT)

Partnership Wealth Management LLC cut its position in shares of Medtronic plc (NYSE:MDT) by 36.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,484 shares of the medical technology company’s stock after selling 6,007 shares during the period. Partnership Wealth Management LLC’s holdings in Medtronic were worth $944,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Lynx Investment Advisory acquired a new stake in shares of Medtronic in the second quarter valued at approximately $28,000. Tributary Capital Management LLC acquired a new position in Medtronic in the 1st quarter valued at about $33,000. Fortis Group Advisors LLC grew its stake in Medtronic by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after buying an additional 230 shares during the last quarter. Riverview Trust Co bought a new position in Medtronic in the 1st quarter valued at about $39,000. Finally, Gleason Group Inc. acquired a new stake in Medtronic during the second quarter worth approximately $42,000. 82.06% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Stifel Nicolaus increased their target price on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Oppenheimer upped their price objective on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. Piper Sandler boosted 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. Truist Financial increased their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research report on Friday, August 23rd. Finally, Wells Fargo & Company boosted their price objective on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and an average target price of $94.64.

Medtronic Stock Up 1.3 %

NYSE:MDT opened at $88.14 on Wednesday. The company has a market cap of $113.02 billion, a PE ratio of 32.05, a P/E/G ratio of 2.56 and a beta of 0.84. Medtronic plc has a one year low of $68.84 and a one year high of $91.49. The firm’s 50 day simple moving average is $87.06 and its 200 day simple moving average is $83.35. 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 (NYSE:MDT) last posted 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. The company had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.20 EPS. On average, research analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.18%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 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.