Great Waters Wealth Management Has $1.36 Million Stock Position in Medtronic plc (NYSE:MDT)

Great Waters Wealth Management raised its position in Medtronic plc (NYSE:MDT) by 22.0% in the first quarter, HoldingsChannel reports. The fund owned 15,178 shares of the medical technology company’s stock after purchasing an additional 2,739 shares during the quarter. Great Waters Wealth Management’s holdings in Medtronic were worth $1,364,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Mainstream Capital Management LLC bought a new position in shares of Medtronic in the fourth quarter valued at approximately $26,000. Burkett Financial Services LLC raised its stake in shares of Medtronic by 185.0% in the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock valued at $26,000 after buying an additional 185 shares during the period. Rakuten Securities Inc. raised its stake in shares of Medtronic by 753.8% in the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock valued at $27,000 after buying an additional 294 shares during the period. Wood Tarver Financial Group LLC bought a new stake in shares of Medtronic in the fourth quarter valued at $27,000. Finally, Optiver Holding B.V. bought a new stake in shares of Medtronic in the fourth quarter valued at $31,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Performance

NYSE:MDT opened at $87.38 on Monday. The stock has a 50-day simple moving average of $83.92 and a two-hundred day simple moving average of $86.19. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $96.25. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The firm has a market capitalization of $112.07 billion, a PE ratio of 26.56, a P/E/G ratio of 2.22 and a beta of 0.79.

Medtronic (NYSE:MDT) last posted its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.04. The company had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.46 earnings per share. Analysts forecast that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be paid a dividend of $0.71 per share. This is a boost from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a yield of 3.25%. The ex-dividend date is Friday, June 27th. Medtronic’s payout ratio is presently 78.45%.

Analyst Ratings Changes

MDT has been the topic of a number of analyst reports. Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Truist Financial cut their price objective on Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a report on Friday, April 11th. Robert W. Baird dropped their target price on Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a report on Thursday, May 22nd. UBS Group increased their target price on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Friday. Nine equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $97.00.

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.