Waterway Wealth Management LLC Invests $229,000 in Medtronic plc (NYSE:MDT)

Waterway Wealth Management LLC purchased a new stake in Medtronic plc (NYSE:MDT) in the first quarter, Holdings Channel.com reports. The firm purchased 2,633 shares of the medical technology company’s stock, valued at approximately $229,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MDT. Norges Bank bought a new position in shares of Medtronic in the fourth quarter worth about $1,229,726,000. First Eagle Investment Management LLC lifted its holdings in Medtronic by 54.5% during the 4th quarter. First Eagle Investment Management LLC now owns 9,409,680 shares of the medical technology company’s stock worth $775,169,000 after buying an additional 3,320,800 shares in the last quarter. Morgan Stanley boosted its position in Medtronic by 9.2% in the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after buying an additional 1,994,123 shares during the last quarter. Pzena Investment Management LLC increased its stake in shares of Medtronic by 30.9% in the 4th quarter. Pzena Investment Management LLC now owns 7,500,562 shares of the medical technology company’s stock valued at $617,896,000 after buying an additional 1,769,985 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in shares of Medtronic by 145.4% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,372,641 shares of the medical technology company’s stock worth $195,431,000 after acquiring an additional 1,405,978 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the transaction, the chief executive officer now owns 143,348 shares in the company, valued at approximately $12,008,261.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Michael Marinaro sold 854 shares of the stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the sale, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Geoffrey Martha sold 19,113 shares of the firm’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the transaction, the chief executive officer now directly owns 143,348 shares in the company, valued at $12,008,261.96. The disclosure for this sale can be found here. Company insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on MDT shares. Wells Fargo & Company raised their target price on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research note on Friday, May 24th. UBS Group upped their price target on shares of Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research report on Friday, May 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a research report on Wednesday, June 5th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Friday, May 24th. Finally, Truist Financial cut their target price on Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research report on Friday, May 24th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic currently has an average rating of “Hold” and a consensus price target of $93.00.

Medtronic Price Performance

Shares of MDT traded up $0.08 during trading hours on Friday, reaching $78.71. The stock had a trading volume of 8,917,219 shares, compared to its average volume of 6,371,193. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. The stock has a market capitalization of $100.93 billion, a PE ratio of 28.62, a PEG ratio of 2.29 and a beta of 0.83. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.00. The company’s 50-day moving average is $81.85 and its two-hundred day moving average is $83.53.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The company had revenue of $8.59 billion for the quarter, compared to analyst estimates of $8.44 billion. During the same quarter in the previous year, the business earned $1.57 earnings per share. Medtronic’s revenue was up .5% compared to the same quarter last year. Research analysts expect that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, June 28th. This is a boost from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a dividend yield of 3.56%. Medtronic’s dividend payout ratio is 100.36%.

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.