Brown Advisory Inc. Has $16.63 Million Holdings in Medtronic plc (NYSE:MDT)

Posted by on Jun 11th, 2023

Brown Advisory Inc. cut its holdings in Medtronic plc (NYSE:MDT – Get Rating) by 5.2% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 213,942 shares of the medical technology company’s stock after selling 11,797 shares during the quarter. Brown Advisory Inc.’s holdings in Medtronic were worth $16,628,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Oversea Chinese Banking CORP Ltd bought a new position in Medtronic in the fourth quarter valued at about $4,320,000. Harfst & Associates Inc. raised its position in Medtronic by 2.1% in the fourth quarter. Harfst & Associates Inc. now owns 15,221 shares of the medical technology company’s stock valued at $1,183,000 after purchasing an additional 315 shares during the last quarter. Kingsview Wealth Management LLC raised its position in Medtronic by 8.6% in the fourth quarter. Kingsview Wealth Management LLC now owns 61,151 shares of the medical technology company’s stock valued at $4,753,000 after purchasing an additional 4,854 shares during the last quarter. Wealthcare Advisory Partners LLC raised its position in Medtronic by 14.2% in the fourth quarter. Wealthcare Advisory Partners LLC now owns 7,097 shares of the medical technology company’s stock valued at $552,000 after purchasing an additional 883 shares during the last quarter. Finally, Pointe Capital Management LLC raised its position in Medtronic by 9.3% in the fourth quarter. Pointe Capital Management LLC now owns 6,530 shares of the medical technology company’s stock valued at $508,000 after purchasing an additional 554 shares during the last quarter. 80.37% of the stock is currently owned by institutional investors.

Medtronic Price Performance

MDT opened at $83.73 on Friday. The stock’s 50 day simple moving average is $85.53 and its 200 day simple moving average is $82.21. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.39 and a quick ratio of 1.81. Medtronic plc has a 1 year low of $75.76 and a 1 year high of $95.60. The firm has a market cap of $111.40 billion, a price-to-earnings ratio of 29.69, a PEG ratio of 2.70 and a beta of 0.71.

Medtronic (NYSE:MDT – Get Rating) last posted its quarterly earnings results on Thursday, May 25th. The medical technology company reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.01. Medtronic had a return on equity of 13.54% and a net margin of 12.03%. The business had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.25 billion. During the same period last year, the company earned $1.52 EPS. Medtronic’s revenue for the quarter was up 5.6% compared to the same quarter last year. As a group, analysts predict that Medtronic plc will post 5.05 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Friday, June 23rd will be given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 3.30%. This is a positive change from Medtronic’s previous quarterly dividend of $0.68. The ex-dividend date is Thursday, June 22nd. Medtronic’s dividend payout ratio (DPR) is presently 96.45%.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of analyst reports. Sanford C. Bernstein lowered their price objective on Medtronic from $100.00 to $99.00 in a research report on Friday, May 26th. StockNews.com raised Medtronic from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 26th. Deutsche Bank Aktiengesellschaft lifted their target price on Medtronic from $80.00 to $87.00 in a research report on Wednesday, February 22nd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $89.00 target price on shares of Medtronic in a research report on Friday, April 21st. Finally, Wells Fargo & Company upgraded Medtronic from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $77.00 to $100.00 in a report on Monday, April 24th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $89.53.

Medtronic Company Profile

(Get Rating)

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.

Featured Articles

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

Receive News & Ratings for Medtronic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Medtronic and related companies with MarketBeat.com's FREE daily email newsletter.