Portside Wealth Group LLC Increases Stake in Medtronic plc (NYSE:MDT)

Portside Wealth Group LLC boosted its position in shares of Medtronic plc (NYSE:MDT) by 9.3% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 58,705 shares of the medical technology company’s stock after purchasing an additional 5,014 shares during the quarter. Medtronic comprises about 0.9% of Portside Wealth Group LLC’s holdings, making the stock its 25th biggest holding. Portside Wealth Group LLC’s holdings in Medtronic were worth $5,285,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of MDT. GSA Capital Partners LLP grew its position in Medtronic by 73.0% during the 1st quarter. GSA Capital Partners LLP now owns 4,945 shares of the medical technology company’s stock valued at $431,000 after purchasing an additional 2,086 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Medtronic by 0.8% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 181,073 shares of the medical technology company’s stock valued at $15,781,000 after acquiring an additional 1,384 shares during the last quarter. Quantbot Technologies LP purchased a new stake in shares of Medtronic during the 1st quarter valued at about $904,000. Empowered Funds LLC boosted its holdings in shares of Medtronic by 174.9% during the 1st quarter. Empowered Funds LLC now owns 74,903 shares of the medical technology company’s stock valued at $6,528,000 after acquiring an additional 47,657 shares during the last quarter. Finally, Brooklyn Investment Group boosted its holdings in shares of Medtronic by 16.1% during the 1st quarter. Brooklyn Investment Group now owns 3,553 shares of the medical technology company’s stock valued at $309,000 after acquiring an additional 494 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MDT. Robert W. Baird raised their price target on shares of Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Evercore ISI raised their price target on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Truist Financial raised their price target on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a report on Monday, October 14th. Wells Fargo & Company increased their price objective on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Finally, Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Medtronic has an average rating of “Hold” and a consensus target price of $95.36.

Medtronic Price Performance

NYSE MDT opened at $88.12 on Friday. Medtronic plc has a 12 month low of $69.32 and a 12 month high of $92.68. The stock has a market cap of $113.01 billion, a price-to-earnings ratio of 29.77, a PEG ratio of 2.55 and a beta of 0.84. The company’s 50 day moving average is $89.69 and its two-hundred day moving average is $84.38. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The company had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm’s revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the business earned $1.20 EPS. As a group, research analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.18%. The ex-dividend date was Friday, September 27th. Medtronic’s payout ratio is currently 94.59%.

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.