Strategic Wealth Partners Ltd. grew its position in shares of Medtronic plc (NYSE:MDT – Get Rating) by 13.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 20,422 shares of the medical technology company’s stock after acquiring an additional 2,435 shares during the quarter. Strategic Wealth Partners Ltd.’s holdings in Medtronic were worth $2,266,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Landmark Wealth Management LLC bought a new position in Medtronic during the first quarter valued at $25,000. Kenfarb & CO. bought a new stake in shares of Medtronic in the 4th quarter valued at approximately $29,000. Syverson Strege & Co bought a new stake in shares of Medtronic in the 1st quarter valued at approximately $29,000. Byrne Asset Management LLC bought a new stake in shares of Medtronic in the 4th quarter valued at approximately $34,000. Finally, Mascoma Wealth Management LLC lifted its stake in shares of Medtronic by 41.7% in the 1st quarter. Mascoma Wealth Management LLC now owns 394 shares of the medical technology company’s stock valued at $44,000 after purchasing an additional 116 shares during the last quarter. 79.81% of the stock is currently owned by institutional investors.
Medtronic Trading Down 1.9 %
Shares of NYSE MDT opened at $90.32 on Wednesday. Medtronic plc has a 1-year low of $85.66 and a 1-year high of $132.58. The business has a fifty day moving average price of $90.95 and a 200 day moving average price of $98.48. The stock has a market capitalization of $120.05 billion, a P/E ratio of 23.34, a price-to-earnings-growth ratio of 2.37 and a beta of 0.75. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.58 and a quick ratio of 1.23.
Medtronic Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 23rd will be issued a $0.68 dividend. This represents a $2.72 annualized dividend and a yield of 3.01%. The ex-dividend date is Thursday, September 22nd. Medtronic’s dividend payout ratio is currently 70.28%.
Analysts Set New Price Targets
A number of brokerages recently issued reports on MDT. Wolfe Research began coverage on Medtronic in a research report on Tuesday, July 5th. They issued an “underperform” rating and a $85.00 price target for the company. Atlantic Securities lowered shares of Medtronic from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $125.00 to $105.00 in a report on Wednesday, June 1st. Needham & Company LLC lowered shares of Medtronic from a “buy” rating to a “hold” rating in a report on Friday, May 27th. Sanford C. Bernstein reissued a “buy” rating and issued a $122.00 price objective on shares of Medtronic in a research note on Friday, May 20th. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Medtronic from $149.00 to $121.00 in a research note on Friday, May 27th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $111.52.
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.
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