Woodward Diversified Capital LLC Grows Holdings in Medtronic PLC (NYSE:MDT)

Woodward Diversified Capital LLC raised its position in Medtronic PLC (NYSE:MDT) by 8.9% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,947 shares of the medical technology company’s stock after buying an additional 242 shares during the period. Woodward Diversified Capital LLC’s holdings in Medtronic were worth $265,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MDT. Brighton Jones LLC increased its stake in shares of Medtronic by 1,368.0% during the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock worth $3,194,000 after purchasing an additional 37,265 shares in the last quarter. Oxford Asset Management LLP increased its stake in shares of Medtronic by 70.1% during the fourth quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company’s stock worth $594,000 after purchasing an additional 3,068 shares in the last quarter. New Vernon Investment Management LLC increased its stake in shares of Medtronic by 304.9% during the fourth quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company’s stock worth $2,425,000 after purchasing an additional 22,300 shares in the last quarter. Insight Inv LLC increased its stake in shares of Medtronic by 84.2% during the first quarter. Insight Inv LLC now owns 27,456 shares of the medical technology company’s stock worth $2,467,000 after purchasing an additional 12,550 shares in the last quarter. Finally, Argent Trust Co increased its stake in shares of Medtronic by 13.6% during the fourth quarter. Argent Trust Co now owns 56,020 shares of the medical technology company’s stock worth $4,475,000 after purchasing an additional 6,721 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

NYSE:MDT opened at $89.74 on Thursday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. The firm has a market capitalization of $115.10 billion, a price-to-earnings ratio of 24.79, a PEG ratio of 2.32 and a beta of 0.80. The company’s 50-day moving average is $86.16 and its two-hundred day moving average is $86.99. Medtronic PLC has a 1-year low of $77.94 and a 1-year high of $96.25.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping the consensus estimate of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The firm had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. During the same period in the prior year, the business posted $1.46 EPS. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. 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 was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were issued a $0.71 dividend. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a dividend yield of 3.16%. The ex-dividend date was Friday, June 27th. Medtronic’s dividend payout ratio is currently 78.45%.

Analyst Upgrades and Downgrades

MDT has been the subject of a number of research reports. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Friday, June 6th. Wall Street Zen raised shares of Medtronic from a “hold” rating to a “buy” rating in a research note on Saturday, June 21st. Morgan Stanley reissued an “overweight” rating and set a $107.00 target price (up previously from $98.00) on shares of Medtronic in a research note on Tuesday. Leerink Partnrs raised shares of Medtronic to a “strong-buy” rating in a research note on Monday, June 16th. Finally, Truist Financial lowered their price target on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research report on Friday, April 11th. Eleven investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $98.19.

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.