Cornerstone Wealth Management LLC Increases Stock Position in Medtronic plc (NYSE:MDT)

Cornerstone Wealth Management LLC lifted its holdings in shares of Medtronic plc (NYSE:MDT) by 4.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,778 shares of the medical technology company’s stock after buying an additional 586 shares during the period. Cornerstone Wealth Management LLC’s holdings in Medtronic were worth $1,150,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. First PREMIER Bank grew its holdings in Medtronic by 1.8% during the third quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock worth $577,000 after acquiring an additional 116 shares during the period. Quent Capital LLC grew its stake in shares of Medtronic by 8.0% during the 1st quarter. Quent Capital LLC now owns 1,680 shares of the medical technology company’s stock worth $146,000 after purchasing an additional 125 shares during the period. Abbrea Capital LLC grew its stake in shares of Medtronic by 2.5% during the 1st quarter. Abbrea Capital LLC now owns 5,077 shares of the medical technology company’s stock worth $446,000 after purchasing an additional 125 shares during the period. Waterway Wealth Management LLC lifted its stake in shares of Medtronic by 4.8% in the second quarter. Waterway Wealth Management LLC now owns 2,759 shares of the medical technology company’s stock valued at $217,000 after purchasing an additional 126 shares during the period. Finally, Americana Partners LLC lifted its stake in shares of Medtronic by 2.0% in the second quarter. Americana Partners LLC now owns 6,667 shares of the medical technology company’s stock valued at $525,000 after purchasing an additional 128 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of NYSE MDT opened at $89.78 on Friday. The company has a 50-day simple moving average of $88.25 and a 200-day simple moving average of $83.56. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The company has a market cap of $115.12 billion, a PE ratio of 32.65, a price-to-earnings-growth ratio of 2.53 and a beta of 0.84. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.49.

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

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s payout ratio is 101.82%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. Truist Financial raised their price objective on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday. Wells Fargo & Company boosted their target price on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Finally, Piper Sandler boosted their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Medtronic presently has an average rating of “Hold” and a consensus target price of $95.36.

Medtronic Company Profile

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.