WealthPLAN Partners LLC Has $718,000 Stock Position in Medtronic plc (NYSE:MDT)

WealthPLAN Partners LLC cut its position in Medtronic plc (NYSE:MDT) by 2.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,121 shares of the medical technology company’s stock after selling 182 shares during the period. WealthPLAN Partners LLC’s holdings in Medtronic were worth $718,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Renaissance Technologies LLC grew its position in Medtronic by 32.1% in the 2nd quarter. Renaissance Technologies LLC now owns 636,341 shares of the medical technology company’s stock valued at $50,086,000 after purchasing an additional 154,700 shares during the period. Citizens Financial Group Inc. RI lifted its stake in shares of Medtronic by 243.0% in the second quarter. Citizens Financial Group Inc. RI now owns 12,068 shares of the medical technology company’s stock valued at $950,000 after buying an additional 8,550 shares in the last quarter. One Capital Management LLC acquired a new position in shares of Medtronic during the second quarter valued at about $245,000. Dimensional Fund Advisors LP increased its position in shares of Medtronic by 7.8% during the second quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock worth $560,494,000 after acquiring an additional 515,751 shares in the last quarter. Finally, Bcwm LLC raised its holdings in shares of Medtronic by 3.3% in the 2nd quarter. Bcwm LLC now owns 113,667 shares of the medical technology company’s stock worth $8,947,000 after acquiring an additional 3,601 shares during the last quarter. 82.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on MDT. Truist Financial lifted their price target on Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research note on Friday, August 23rd. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and lifted their target price for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a research report on Wednesday, August 21st. Wells Fargo & Company lifted their price objective on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Finally, Citigroup lowered their target price on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Medtronic currently has an average rating of “Hold” and a consensus price target of $92.92.

Medtronic Stock Performance

NYSE MDT opened at $88.63 on Wednesday. The company has a market capitalization of $113.65 billion, a PE ratio of 32.23, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. 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 company has a 50-day simple moving average of $84.10 and a 200 day simple moving average of $82.87.

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

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be given a dividend of $0.70 per share. 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 3.16%. Medtronic’s dividend payout ratio is presently 101.82%.

Medtronic 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.