Wakefield Asset Management LLLP Grows Position in Medtronic plc (NYSE:MDT)

Wakefield Asset Management LLLP raised its position in Medtronic plc (NYSE:MDT) by 4.7% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,994 shares of the medical technology company’s stock after acquiring an additional 226 shares during the quarter. Wakefield Asset Management LLLP’s holdings in Medtronic were worth $393,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. LifeSteps Financial Inc. acquired a new position in shares of Medtronic during the first quarter worth $27,000. Lynx Investment Advisory acquired a new position in shares of Medtronic during the 2nd quarter worth about $28,000. Tributary Capital Management LLC purchased a new position in shares of Medtronic in the 1st quarter valued at about $33,000. Fortis Group Advisors LLC increased its holdings in shares of 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 acquiring an additional 230 shares during the last quarter. Finally, Riverview Trust Co acquired a new stake in shares of Medtronic during the 1st quarter worth about $39,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MDT. The Goldman Sachs Group initiated coverage on Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price target for the company. Stifel Nicolaus increased their target price on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. Truist Financial lifted their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. Citigroup decreased their price objective on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $92.92.

Medtronic Trading Up 0.6 %

Shares of MDT stock opened at $89.89 on Friday. The company has a market capitalization of $115.26 billion, a P/E ratio of 32.69, a price-to-earnings-growth ratio of 2.52 and a beta of 0.84. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The business’s 50 day moving average is $82.29 and its two-hundred day moving average is $82.60. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.49.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The firm 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%. Medtronic’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period last year, the firm posted $1.20 EPS. Equities analysts forecast 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. Investors of record on Friday, September 27th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.11%. Medtronic’s dividend payout ratio is currently 101.82%.

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.