Portside Wealth Group LLC Boosts Stock Position in Medtronic plc (NYSE:MDT)

Portside Wealth Group LLC lifted its holdings in Medtronic plc (NYSE:MDT) by 9.3% in the third quarter, HoldingsChannel reports. The firm owned 58,705 shares of the medical technology company’s stock after purchasing an additional 5,014 shares during the quarter. Medtronic accounts for 0.9% of Portside Wealth Group LLC’s portfolio, making the stock its 25th largest position. Portside Wealth Group LLC’s holdings in Medtronic were worth $5,285,000 at the end of the most recent reporting period.

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

Medtronic Stock Performance

MDT stock opened at $88.12 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The business has a 50-day moving average price of $89.69 and a 200 day moving average price of $84.38. The company has a market capitalization of $113.01 billion, a P/E ratio of 29.77, a PEG ratio of 2.55 and a beta of 0.84. Medtronic plc has a 1-year low of $69.32 and a 1-year high of $92.68.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.20 earnings per share. As a group, equities research analysts forecast that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

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

Analyst Upgrades and Downgrades

Several research firms have commented on MDT. Barclays lifted their price objective on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Truist Financial lifted their price objective on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Monday, October 14th. Oppenheimer lifted their price objective on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Finally, 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 research note on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $95.36.

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.