West Family Investments Inc. Invests $586,000 in Medtronic plc (NYSE:MDT)

West Family Investments Inc. acquired a new position in Medtronic plc (NYSE:MDTGet Rating) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 5,279 shares of the medical technology company’s stock, valued at approximately $586,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Mascoma Wealth Management LLC lifted its stake in Medtronic by 41.7% in the first quarter. Mascoma Wealth Management LLC now owns 394 shares of the medical technology company’s stock valued at $44,000 after acquiring an additional 116 shares during the last quarter. Baker Tilly Wealth Management LLC boosted its stake in Medtronic by 26.2% during the first quarter. Baker Tilly Wealth Management LLC now owns 22,774 shares of the medical technology company’s stock worth $2,527,000 after buying an additional 4,725 shares in the last quarter. 180 Wealth Advisors LLC boosted its stake in Medtronic by 3.2% during the first quarter. 180 Wealth Advisors LLC now owns 24,492 shares of the medical technology company’s stock worth $2,700,000 after buying an additional 760 shares in the last quarter. InTrack Investment Management Inc acquired a new stake in Medtronic during the first quarter worth $346,000. Finally, Red Door Wealth Management LLC acquired a new stake in Medtronic during the first quarter worth $202,000. 79.81% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Performance

MDT stock opened at $87.89 on Friday. The company has a market cap of $116.82 billion, a P/E ratio of 22.71, a price-to-earnings-growth ratio of 2.30 and a beta of 0.75. Medtronic plc has a 1 year low of $85.66 and a 1 year high of $135.89. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.58 and a quick ratio of 1.23. The stock’s fifty day moving average price is $90.97 and its 200-day moving average price is $98.79.

Medtronic (NYSE:MDTGet Rating) last released its quarterly earnings results on Tuesday, August 23rd. The medical technology company reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.01. Medtronic had a return on equity of 13.64% and a net margin of 16.75%. During the same period in the prior year, the company posted $1.41 EPS. On average, equities analysts forecast that Medtronic plc will post 5.53 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 23rd will be issued a $0.68 dividend. The ex-dividend date is Thursday, September 22nd. This represents a $2.72 annualized dividend and a dividend yield of 3.09%. Medtronic’s dividend payout ratio (DPR) is 70.28%.

Analysts Set New Price Targets

Several brokerages recently issued reports on MDT. StockNews.com downgraded shares of Medtronic from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 24th. Deutsche Bank Aktiengesellschaft lowered their target price on Medtronic from $149.00 to $121.00 in a research note on Friday, May 27th. Needham & Company LLC downgraded Medtronic from a “buy” rating to a “hold” rating in a report on Friday, May 27th. Truist Financial dropped their price target on Medtronic from $111.00 to $97.00 and set a “hold” rating on the stock in a research note on Wednesday, July 20th. Finally, Cowen increased their price objective on Medtronic to $125.00 in a research report on Monday, May 23rd. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $111.52.

Medtronic Profile

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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.

Further Reading

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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