McElhenny Sheffield Capital Management LLC Invests $50,000 in Medtronic plc (NYSE:MDT)

Posted by Defense World Staff on Mar 20th, 2023

McElhenny Sheffield Capital Management LLC bought a new position in shares of Medtronic plc (NYSE:MDT – Get Rating) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm bought 644 shares of the medical technology company’s stock, valued at approximately $50,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MDT. IAG Wealth Partners LLC grew its holdings in shares of Medtronic by 58.1% during the third quarter. IAG Wealth Partners LLC now owns 351 shares of the medical technology company’s stock worth $28,000 after purchasing an additional 129 shares during the last quarter. Annapolis Financial Services LLC grew its holdings in Medtronic by 368.0% during the 3rd quarter. Annapolis Financial Services LLC now owns 482 shares of the medical technology company’s stock worth $39,000 after acquiring an additional 379 shares during the last quarter. SJS Investment Consulting Inc. acquired a new stake in Medtronic in the 3rd quarter valued at about $44,000. Fairfield Bush & CO. bought a new position in shares of Medtronic in the first quarter worth about $47,000. Finally, Clear Investment Research LLC acquired a new position in shares of Medtronic during the third quarter worth approximately $48,000. 80.37% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MDT. Citigroup downgraded Medtronic from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $108.00 to $85.00 in a report on Wednesday, November 23rd. Cowen dropped their price objective on Medtronic from $117.00 to $90.00 in a report on Wednesday, November 23rd. Mizuho cut their target price on shares of Medtronic from $100.00 to $95.00 and set a “buy” rating on the stock in a research report on Tuesday, January 24th. StockNews.com started coverage on shares of Medtronic in a research report on Thursday. They set a “buy” rating for the company. Finally, Stifel Nicolaus cut their price objective on shares of Medtronic from $105.00 to $90.00 in a report on Wednesday, November 23rd. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and an average price target of $90.72.

Medtronic Stock Performance

Shares of Medtronic stock opened at $78.29 on Monday. Medtronic plc has a 12 month low of $75.76 and a 12 month high of $114.31. The company has a current ratio of 1.76, a quick ratio of 1.39 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $104.16 billion, a PE ratio of 25.75, a PEG ratio of 2.37 and a beta of 0.71. The stock’s fifty day simple moving average is $82.06 and its 200 day simple moving average is $82.18.

Medtronic (NYSE:MDT – Get Rating) last released its quarterly earnings results on Tuesday, February 21st. The medical technology company reported $1.30 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.03. Medtronic had a return on equity of 13.37% and a net margin of 13.20%. The company had revenue of $7.70 billion for the quarter, compared to analyst estimates of $7.53 billion. During the same quarter last year, the firm posted $1.37 earnings per share. Medtronic’s revenue was down .8% compared to the same quarter last year. On average, research analysts predict that Medtronic plc will post 5.28 EPS for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 14th. Stockholders of record on Friday, March 24th will be issued a $0.68 dividend. This represents a $2.72 annualized dividend and a dividend yield of 3.47%. The ex-dividend date of this dividend is Thursday, March 23rd. Medtronic’s dividend payout ratio (DPR) is presently 89.47%.

Insider Transactions at Medtronic

In related news, major shareholder Plc Medtronic bought 6,835 shares of Medtronic stock in a transaction that occurred on Monday, January 30th. The stock was purchased at an average cost of $9.28 per share, with a total value of $63,428.80. Following the purchase, the insider now owns 4,999,423 shares in the company, valued at $46,394,645.44. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.29% of the stock is owned by insiders.

About Medtronic

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Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiovascular Porrtfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit.