Partnership Wealth Management LLC Has $1.22 Million Position in Medtronic plc (NYSE:MDT)

Partnership Wealth Management LLC raised its stake in shares of Medtronic plc (NYSE:MDT) by 46.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 15,312 shares of the medical technology company’s stock after acquiring an additional 4,828 shares during the quarter. Medtronic makes up 1.0% of Partnership Wealth Management LLC’s portfolio, making the stock its 25th largest holding. Partnership Wealth Management LLC’s holdings in Medtronic were worth $1,223,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in MDT. Acadian Asset Management LLC boosted its holdings in shares of Medtronic by 1,240.9% in the 2nd quarter. Acadian Asset Management LLC now owns 38,484 shares of the medical technology company’s stock worth $3,027,000 after acquiring an additional 35,614 shares in the last quarter. Certuity LLC acquired a new stake in Medtronic in the 2nd quarter valued at about $271,000. Oak Thistle LLC bought a new position in shares of Medtronic in the second quarter worth about $464,000. First Foundation Advisors grew its stake in shares of Medtronic by 2.4% during the second quarter. First Foundation Advisors now owns 11,078 shares of the medical technology company’s stock valued at $872,000 after purchasing an additional 262 shares during the last quarter. Finally, Prudential PLC increased its holdings in shares of Medtronic by 17.6% in the second quarter. Prudential PLC now owns 22,322 shares of the medical technology company’s stock valued at $1,757,000 after purchasing an additional 3,335 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on MDT. Evercore ISI lifted their target price on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Barclays increased their price objective on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Truist Financial lowered their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Finally, Sanford C. Bernstein lifted their price objective on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. 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 given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $95.00.

Medtronic Stock Up 3.6 %

Shares of NYSE:MDT traded up $2.86 during trading on Wednesday, hitting $82.73. 10,885,208 shares of the company’s stock traded hands, compared to its average volume of 7,419,874. The company has a 50-day moving average price of $84.46 and a 200-day moving average price of $84.92. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $92.68. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The company has a market cap of $106.08 billion, a price-to-earnings ratio of 25.30, a price-to-earnings-growth ratio of 2.33 and a beta of 0.83.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.01. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm’s revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.25 earnings per share. As a group, research analysts forecast that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be given a dividend of $0.70 per share. The ex-dividend date is Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.38%. Medtronic’s dividend payout ratio is currently 85.63%.

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.