RWA Wealth Partners LLC Acquires 62,697 Shares of Medtronic PLC $MDT

RWA Wealth Partners LLC raised its holdings in shares of Medtronic PLC (NYSE:MDT) by 543.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 74,227 shares of the medical technology company’s stock after purchasing an additional 62,697 shares during the period. RWA Wealth Partners LLC’s holdings in Medtronic were worth $6,670,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Burkett Financial Services LLC raised its position in shares of Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock worth $26,000 after acquiring an additional 185 shares in the last quarter. Wood Tarver Financial Group LLC bought a new position in shares of Medtronic in the 4th quarter worth approximately $27,000. Columbia River Financial Group LLC bought a new position in shares of Medtronic in the 1st quarter worth approximately $28,000. Optiver Holding B.V. bought a new position in shares of Medtronic in the 4th quarter worth approximately $31,000. Finally, Hughes Financial Services LLC bought a new position in shares of Medtronic in the 1st quarter worth approximately $32,000. Institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

MDT has been the subject of several research reports. Wolfe Research raised Medtronic from an “underperform” rating to a “peer perform” rating in a research report on Monday, June 30th. Leerink Partners started coverage on Medtronic in a research report on Monday, June 16th. They issued an “outperform” rating and a $110.00 target price for the company. Mizuho raised their price objective on Medtronic from $98.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday, July 16th. Royal Bank Of Canada reduced their price objective on Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a research report on Thursday, May 22nd. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $107.00 price objective (up previously from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. Twelve equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $98.19.

Medtronic Stock Performance

Shares of MDT opened at $92.74 on Tuesday. The business’s fifty day simple moving average is $89.43 and its two-hundred day simple moving average is $87.97. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. Medtronic PLC has a 12 month low of $79.29 and a 12 month high of $96.25. The company has a market cap of $118.87 billion, a price-to-earnings ratio of 25.62, a P/E/G ratio of 2.42 and a beta of 0.80.

Medtronic (NYSE:MDT) last issued its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating the consensus estimate of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The business had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. During the same period last year, the business posted $1.46 EPS. The company’s revenue was up 3.9% compared to the same quarter last year. Research analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, September 26th will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Friday, September 26th. Medtronic’s dividend payout ratio (DPR) is 78.45%.

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.