Sawgrass Asset Management LLC Purchases Shares of 16,785 Medtronic plc (NYSE:MDT)

Sawgrass Asset Management LLC purchased a new stake in shares of Medtronic plc (NYSE:MDTGet Rating) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 16,785 shares of the medical technology company’s stock, valued at approximately $1,862,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Nwam LLC grew its stake in shares of Medtronic by 38.9% in the 4th quarter. Nwam LLC now owns 4,534 shares of the medical technology company’s stock worth $469,000 after acquiring an additional 1,269 shares in the last quarter. Great Valley Advisor Group Inc. grew its stake in shares of Medtronic by 4.6% in the 4th quarter. Great Valley Advisor Group Inc. now owns 38,539 shares of the medical technology company’s stock worth $4,265,000 after acquiring an additional 1,684 shares in the last quarter. Fort L.P. boosted its holdings in shares of Medtronic by 12.3% in the 4th quarter. Fort L.P. now owns 7,966 shares of the medical technology company’s stock worth $824,000 after buying an additional 875 shares during the last quarter. Equitable Holdings Inc. boosted its holdings in shares of Medtronic by 33.7% in the 4th quarter. Equitable Holdings Inc. now owns 4,710 shares of the medical technology company’s stock worth $487,000 after buying an additional 1,188 shares during the last quarter. Finally, Core Alternative Capital boosted its holdings in shares of Medtronic by 493.0% in the 4th quarter. Core Alternative Capital now owns 1,109 shares of the medical technology company’s stock worth $115,000 after buying an additional 922 shares during the last quarter. Institutional investors own 79.81% of the company’s stock.

Medtronic Stock Down 1.9 %

MDT stock opened at $90.32 on Wednesday. Medtronic plc has a twelve month low of $85.66 and a twelve month high of $132.58. The company has a quick ratio of 1.23, a current ratio of 1.58 and a debt-to-equity ratio of 0.33. The stock has a market cap of $120.05 billion, a P/E ratio of 23.34, a PEG ratio of 2.37 and a beta of 0.75. The business’s 50-day moving average price is $90.95 and its 200-day moving average price is $98.48.

Medtronic (NYSE:MDTGet Rating) last posted its quarterly earnings results on Tuesday, August 23rd. The medical technology company reported $1.13 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 previous year, the firm posted $1.41 EPS. On average, equities research analysts forecast that Medtronic plc will post 5.53 EPS for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 23rd will be paid a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date is Thursday, September 22nd. Medtronic’s payout ratio is 70.28%.

Wall Street Analysts Forecast Growth

MDT has been the topic of a number of research analyst reports. Wells Fargo & Company cut their price target on shares of Medtronic from $104.00 to $96.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 24th. Cowen set a $125.00 price target on shares of Medtronic and gave the stock an “outperform” rating in a report on Monday, May 23rd. Royal Bank of Canada dropped their price objective on shares of Medtronic from $122.00 to $110.00 in a report on Wednesday, September 7th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Medtronic from $149.00 to $121.00 in a report on Friday, May 27th. Finally, TheStreet downgraded shares of Medtronic from a “b-” rating to a “c+” rating in a report on Monday, August 1st. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $111.52.

Medtronic Company 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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