Medtronic plc (NYSE:MDT) Holdings Lifted by Partnership Wealth Management LLC

Partnership Wealth Management LLC increased its position in shares of Medtronic plc (NYSE:MDT) by 46.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,312 shares of the medical technology company’s stock after acquiring an additional 4,828 shares during the period. Medtronic makes up about 1.0% of Partnership Wealth Management LLC’s investment portfolio, making the stock its 25th largest position. Partnership Wealth Management LLC’s holdings in Medtronic were worth $1,223,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Copley Financial Group Inc. acquired a new stake in shares of Medtronic during the third quarter worth $694,000. Olstein Capital Management L.P. lifted its stake in Medtronic by 19.2% during the third quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock valued at $7,833,000 after buying an additional 14,000 shares in the last quarter. Y Intercept Hong Kong Ltd boosted its holdings in shares of Medtronic by 322.6% in the third quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company’s stock worth $6,626,000 after buying an additional 56,178 shares during the period. Ferguson Wellman Capital Management Inc. purchased a new position in shares of Medtronic in the third quarter worth approximately $9,486,000. Finally, Soltis Investment Advisors LLC raised its holdings in shares of Medtronic by 30.0% during the third quarter. Soltis Investment Advisors LLC now owns 88,110 shares of the medical technology company’s stock valued at $7,933,000 after acquiring an additional 20,352 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Performance

Shares of MDT stock traded up $2.86 during mid-day trading on Wednesday, reaching $82.73. The stock had a trading volume of 10,885,208 shares, compared to its average volume of 7,419,874. Medtronic plc has a one year low of $75.96 and a one year high of $92.68. The firm has a market cap of $106.08 billion, a PE ratio of 25.30, a P/E/G ratio of 2.33 and a beta of 0.83. The firm’s 50 day simple moving average is $84.46 and its 200 day simple moving average is $84.92. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

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

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.38%. The ex-dividend date of this dividend is Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Analyst Upgrades and Downgrades

MDT has been the topic of several research analyst reports. 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 report on Wednesday, November 20th. Evercore ISI upped their price target on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Sanford C. Bernstein upped 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. Finally, Citigroup raised their price target on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Medtronic has a consensus rating of “Hold” and a consensus target price of $95.00.

Medtronic 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.