Wealthcare Capital Partners LLC Makes New $205,000 Investment in Medtronic plc (NYSE:MDT)

Wealthcare Capital Partners LLC purchased a new stake in shares of Medtronic plc (NYSE:MDT) in the 1st quarter, HoldingsChannel reports. The firm purchased 2,287 shares of the medical technology company’s stock, valued at approximately $205,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Miracle Mile Advisors LLC increased its holdings in shares of Medtronic by 3.0% in the first quarter. Miracle Mile Advisors LLC now owns 27,743 shares of the medical technology company’s stock worth $2,493,000 after buying an additional 812 shares during the period. Patriot Financial Group Insurance Agency LLC increased its holdings in shares of Medtronic by 13.3% in the first quarter. Patriot Financial Group Insurance Agency LLC now owns 27,486 shares of the medical technology company’s stock worth $2,470,000 after buying an additional 3,230 shares during the period. Wedmont Private Capital increased its holdings in shares of Medtronic by 26.1% in the first quarter. Wedmont Private Capital now owns 7,318 shares of the medical technology company’s stock worth $607,000 after buying an additional 1,516 shares during the period. UMB Bank n.a. increased its holdings in shares of Medtronic by 479.0% in the first quarter. UMB Bank n.a. now owns 74,076 shares of the medical technology company’s stock worth $6,656,000 after buying an additional 61,283 shares during the period. Finally, Sivia Capital Partners LLC increased its holdings in shares of Medtronic by 13.4% in the first quarter. Sivia Capital Partners LLC now owns 3,975 shares of the medical technology company’s stock worth $357,000 after buying an additional 471 shares during the period. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Up 0.4%

Shares of NYSE:MDT opened at $87.38 on Friday. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $96.25. The company has a market cap of $112.07 billion, a PE ratio of 26.56, a P/E/G ratio of 2.22 and a beta of 0.79. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The stock’s 50-day moving average is $83.92 and its 200 day moving average is $86.18.

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

Medtronic Increases Dividend

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

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. Royal Bank of Canada decreased their price objective on Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a report on Thursday, May 22nd. Wall Street Zen downgraded Medtronic from a “buy” rating to a “hold” rating in a report on Saturday, May 24th. Truist Financial decreased their price objective on Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a report on Friday, April 11th. Finally, Mizuho decreased their price objective on Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a report on Thursday, May 22nd. Nine research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $97.00.

About Medtronic

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.