WCM Investment Management LLC Buys Shares of 19,467 Medtronic plc (NYSE:MDT)

WCM Investment Management LLC purchased a new position in shares of Medtronic plc (NYSE:MDT) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 19,467 shares of the medical technology company’s stock, valued at approximately $1,739,000.

A number of other large investors have also modified their holdings of MDT. Capital Research Global Investors increased its stake in shares of Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock valued at $2,691,577,000 after purchasing an additional 2,044,109 shares during the period. Pzena Investment Management LLC raised its stake in Medtronic by 8.3% during the 2nd quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock valued at $653,854,000 after acquiring an additional 637,931 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Medtronic by 7.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock worth $560,494,000 after acquiring an additional 515,751 shares during the period. Longview Partners Guernsey LTD boosted its position in Medtronic by 2.3% during the 1st quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company’s stock worth $578,245,000 after acquiring an additional 147,737 shares during the period. Finally, Raymond James & Associates grew its stake in shares of Medtronic by 2.3% in the third quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company’s stock worth $575,460,000 after purchasing an additional 145,504 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MDT. Barclays upped their price objective on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. Stifel Nicolaus increased their price target on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and upped their price objective for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Finally, Evercore ISI lifted their target price on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $95.36.

Medtronic Stock Performance

Shares of NYSE MDT opened at $88.27 on Tuesday. The business’s 50 day moving average is $89.68 and its two-hundred day moving average is $84.51. The company has a market cap of $113.20 billion, a P/E ratio of 29.82, a P/E/G ratio of 2.51 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. Medtronic plc has a 12 month low of $71.64 and a 12 month high of $92.68.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.03. The company had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period last year, the business posted $1.20 EPS. On average, equities analysts expect that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 94.59%.

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.