Western Wealth Management LLC Trims Holdings in Medtronic plc (NYSE:MDT)

Western Wealth Management LLC lessened its holdings in shares of Medtronic plc (NYSE:MDT) by 28.4% during the fourth quarter, Holdings Channel reports. The firm owned 15,055 shares of the medical technology company’s stock after selling 5,964 shares during the quarter. Western Wealth Management LLC’s holdings in Medtronic were worth $1,203,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Mainstream Capital Management LLC bought a new stake in Medtronic during the 4th quarter valued at approximately $26,000. Rakuten Securities Inc. boosted its position in Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock valued at $27,000 after acquiring an additional 294 shares in the last quarter. Stephens Consulting LLC boosted its position in Medtronic by 145.7% during the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock valued at $27,000 after acquiring an additional 204 shares in the last quarter. Optiver Holding B.V. bought a new stake in Medtronic during the 4th quarter valued at approximately $31,000. Finally, McIlrath & Eck LLC boosted its position in Medtronic by 72.3% during the 4th quarter. McIlrath & Eck LLC now owns 410 shares of the medical technology company’s stock valued at $33,000 after acquiring an additional 172 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on MDT shares. Robert W. Baird cut their price objective on Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a research report on Thursday. Royal Bank of Canada cut their price objective on Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a research report on Thursday. Mizuho cut their price objective on Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a research report on Thursday. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Finally, Truist Financial cut their price objective on Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research report on Friday, April 11th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $96.07.

Medtronic Stock Performance

Shares of MDT opened at $80.93 on Friday. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The business’s 50 day moving average price is $85.29 and its 200-day moving average price is $86.50. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25. The stock has a market cap of $103.80 billion, a P/E ratio of 24.60, a P/E/G ratio of 2.22 and a beta of 0.81.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.04. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm had revenue of $8.93 billion for the quarter, compared to analysts’ expectations of $8.81 billion. During the same period in the previous year, the firm posted $1.46 EPS. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. Equities research analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be given a $0.71 dividend. The ex-dividend date of this dividend is Friday, June 27th. This is a boost from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a yield of 3.51%. Medtronic’s dividend payout ratio is 85.11%.

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.