Waterway Wealth Management LLC Acquires New Holdings in Medtronic plc (NYSE:MDT)

Waterway Wealth Management LLC purchased a new stake in Medtronic plc (NYSE:MDT) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 2,633 shares of the medical technology company’s stock, valued at approximately $229,000.

Other large investors have also modified their holdings of the company. Boyar Asset Management Inc. grew its holdings in Medtronic by 2.6% during the 4th quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock valued at $383,000 after buying an additional 120 shares during the last quarter. Marino Stram & Associates LLC increased its position in Medtronic by 1.8% during the 4th quarter. Marino Stram & Associates LLC now owns 7,127 shares of the medical technology company’s stock worth $587,000 after purchasing an additional 126 shares in the last quarter. Angeles Investment Advisors LLC raised its stake in Medtronic by 1.0% in the 4th quarter. Angeles Investment Advisors LLC now owns 12,627 shares of the medical technology company’s stock valued at $1,046,000 after purchasing an additional 128 shares during the last quarter. Rogco LP lifted its holdings in Medtronic by 1.9% in the 4th quarter. Rogco LP now owns 6,814 shares of the medical technology company’s stock valued at $561,000 after purchasing an additional 129 shares in the last quarter. Finally, Verity Asset Management Inc. boosted its stake in shares of Medtronic by 4.3% during the 4th quarter. Verity Asset Management Inc. now owns 3,194 shares of the medical technology company’s stock worth $263,000 after purchasing an additional 132 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently weighed in on MDT. Wells Fargo & Company boosted their price objective on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. The Goldman Sachs Group initiated coverage on Medtronic in a research note on Thursday, May 30th. They set a “sell” rating and a $83.00 price target on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Friday, May 24th. UBS Group increased their target price on Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research report on Friday, May 24th. Finally, Truist Financial lowered their price target on Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a report on Friday, May 24th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $93.00.

Medtronic Stock Up 0.1 %

Medtronic stock traded up $0.08 during trading on Friday, reaching $78.71. 8,917,219 shares of the company’s stock were exchanged, compared to its average volume of 6,371,193. The company’s 50-day moving average is $81.85 and its two-hundred day moving average is $83.53. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $91.00. The firm has a market cap of $100.93 billion, a price-to-earnings ratio of 28.62, a PEG ratio of 2.29 and a beta of 0.83.

Medtronic (NYSE:MDT) last announced its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, beating the consensus estimate of $1.45 by $0.01. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The business had revenue of $8.59 billion for the quarter, compared to the consensus estimate of $8.44 billion. During the same period last year, the business posted $1.57 EPS. The company’s revenue was up .5% on a year-over-year basis. On average, analysts predict that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be paid a dividend of $0.70 per share. This is an increase from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.80 annualized dividend and a yield of 3.56%. Medtronic’s payout ratio is 100.36%.

Insiders Place Their Bets

In other news, CEO Geoffrey Martha sold 19,113 shares of Medtronic stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the sale, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Geoffrey Martha sold 19,113 shares of the company’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $83.77, for a total value of $1,601,096.01. Following the sale, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the transaction, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by company insiders.

About Medtronic

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.