WCM Investment Management LLC Acquires 28,473 Shares of Medtronic plc (NYSE:MDT)

WCM Investment Management LLC raised its holdings in shares of Medtronic plc (NYSE:MDT) by 146.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 47,940 shares of the medical technology company’s stock after purchasing an additional 28,473 shares during the period. WCM Investment Management LLC’s holdings in Medtronic were worth $3,817,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of MDT. Wedmont Private Capital lifted its stake in Medtronic by 10.5% during the 3rd quarter. Wedmont Private Capital now owns 4,798 shares of the medical technology company’s stock valued at $418,000 after acquiring an additional 457 shares during the period. Ritholtz Wealth Management raised its holdings in shares of Medtronic by 39.8% during the third quarter. Ritholtz Wealth Management now owns 14,242 shares of the medical technology company’s stock valued at $1,282,000 after purchasing an additional 4,051 shares during the last quarter. Matrix Asset Advisors Inc. NY lifted its position in Medtronic by 11.1% during the third quarter. Matrix Asset Advisors Inc. NY now owns 308,366 shares of the medical technology company’s stock valued at $27,762,000 after purchasing an additional 30,769 shares during the period. Westend Capital Management LLC purchased a new stake in Medtronic in the third quarter worth approximately $5,304,000. Finally, Cardinal Capital Management Inc. grew its position in Medtronic by 7.1% in the 3rd quarter. Cardinal Capital Management Inc. now owns 271,296 shares of the medical technology company’s stock worth $24,425,000 after purchasing an additional 17,879 shares during the period. Institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MDT. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Sanford C. Bernstein increased their target price on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Barclays boosted their price target on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Wells Fargo & Company lowered their price objective on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 20th. Finally, Truist Financial cut their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $95.00.

Insider Transactions at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $90.00, for a total value of $1,119,330.00. Following the sale, the executive vice president now directly owns 40,979 shares in the company, valued at approximately $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.20% of the company’s stock.

Medtronic Stock Down 0.9 %

MDT opened at $90.01 on Monday. The stock has a market cap of $115.42 billion, a price-to-earnings ratio of 27.53, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The firm’s fifty day moving average is $84.85 and its 200 day moving average is $86.43. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $93.08.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business’s revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.25 earnings per share. On average, sell-side analysts forecast that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.11%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s payout ratio is currently 85.63%.

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.