WCM Investment Management LLC Invests $1.74 Million in Medtronic plc (NYSE:MDT)

WCM Investment Management LLC purchased a new stake in Medtronic plc (NYSE:MDT) during the third quarter, Holdings Channel reports. The firm purchased 19,467 shares of the medical technology company’s stock, valued at approximately $1,739,000.

Several other hedge funds have also recently bought and sold shares of the stock. 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 worth $431,000 after acquiring an additional 2,086 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of Medtronic in the first quarter valued at $904,000. Meeder Asset Management Inc. raised its holdings in shares of Medtronic by 11.3% in the first quarter. Meeder Asset Management Inc. now owns 3,692 shares of the medical technology company’s stock valued at $322,000 after buying an additional 375 shares during the last quarter. Thoroughbred Financial Services LLC bought a new stake in Medtronic during the 1st quarter worth about $404,000. Finally, Bleakley Financial Group LLC increased its position in Medtronic by 1.8% in the 1st quarter. Bleakley Financial Group LLC now owns 55,798 shares of the medical technology company’s stock valued at $4,863,000 after acquiring an additional 995 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Stifel Nicolaus increased their price target on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Wells Fargo & Company lifted their target price on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Truist Financial upped their price target on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday, October 14th. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Medtronic presently has an average rating of “Hold” and a consensus price target of $95.36.

Medtronic Trading Up 0.6 %

Shares of NYSE:MDT opened at $88.27 on Tuesday. The firm has a market cap of $113.20 billion, a price-to-earnings ratio of 29.82, a PEG ratio of 2.51 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. Medtronic plc has a 12 month low of $71.64 and a 12 month high of $92.68. The company’s fifty day simple moving average is $89.68 and its 200 day simple moving average is $84.51.

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

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.17%. Medtronic’s dividend payout ratio (DPR) is presently 94.59%.

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.