Westshore Wealth LLC Grows Stock Holdings in Medtronic plc (NYSE:MDT)

Westshore Wealth LLC grew its holdings in shares of Medtronic plc (NYSE:MDTGet Rating) by 22.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 2,481 shares of the medical technology company’s stock after purchasing an additional 462 shares during the period. Westshore Wealth LLC’s holdings in Medtronic were worth $223,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the company. Landmark Wealth Management LLC purchased a new stake in Medtronic during the 1st quarter valued at $25,000. Kenfarb & CO. purchased a new stake in Medtronic during the 4th quarter valued at $29,000. Syverson Strege & Co bought a new stake in shares of Medtronic during the 1st quarter valued at $29,000. Byrne Asset Management LLC bought a new stake in shares of Medtronic during the 4th quarter valued at $34,000. Finally, Mascoma Wealth Management LLC boosted its holdings in Medtronic by 41.7% in the 1st quarter. Mascoma Wealth Management LLC now owns 394 shares of the medical technology company’s stock worth $44,000 after buying an additional 116 shares during the period. 79.81% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Down 1.4 %

MDT traded down $1.21 during trading hours on Friday, hitting $82.35. 153,528 shares of the company’s stock were exchanged, compared to its average volume of 6,340,817. Medtronic plc has a 12-month low of $83.21 and a 12-month high of $131.31. The firm has a 50 day moving average of $90.89 and a 200 day moving average of $97.66. The firm has a market cap of $109.46 billion, a P/E ratio of 21.20, a price-to-earnings-growth ratio of 2.26 and a beta of 0.75. The company has a current ratio of 1.58, a quick ratio of 1.23 and a debt-to-equity ratio of 0.33.

Medtronic (NYSE:MDTGet Rating) last announced its earnings results on Tuesday, August 23rd. The medical technology company reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.01. Medtronic had a net margin of 16.75% and a return on equity of 13.64%. During the same quarter in the prior year, the company posted $1.41 EPS. Analysts predict that Medtronic plc will post 5.53 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 23rd will be issued a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a yield of 3.30%. The ex-dividend date is Thursday, September 22nd. Medtronic’s dividend payout ratio (DPR) is presently 70.28%.

Wall Street Analysts Forecast Growth

Several research firms have commented on MDT. Morgan Stanley dropped their price objective on shares of Medtronic from $103.00 to $101.00 and set an “equal weight” rating for the company in a report on Wednesday, August 24th. Citigroup dropped their target price on shares of Medtronic from $120.00 to $117.00 and set a “buy” rating on the stock in a research note on Friday, May 27th. Royal Bank of Canada dropped their target price on shares of Medtronic from $122.00 to $110.00 in a research note on Wednesday, September 7th. Needham & Company LLC downgraded shares of Medtronic from a “buy” rating to a “hold” rating in a research note on Friday, May 27th. Finally, StockNews.com downgraded shares of Medtronic from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 24th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $111.52.

Medtronic Profile

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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.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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