Gamco Investors INC. ET AL Decreases Stock Holdings in Medtronic plc (NYSE:MDT)

Posted by Defense World Staff on Jun 11th, 2023

Gamco Investors INC. ET AL reduced its stake in shares of Medtronic plc (NYSE:MDT – Get Rating) by 21.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,999 shares of the medical technology company’s stock after selling 2,802 shares during the quarter. Gamco Investors INC. ET AL’s holdings in Medtronic were worth $777,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Syverson Strege & Co raised its stake in Medtronic by 52.9% in the fourth quarter. Syverson Strege & Co now owns 341 shares of the medical technology company’s stock valued at $27,000 after buying an additional 118 shares during the last quarter. Community Bank N.A. raised its stake in Medtronic by 38.9% in the fourth quarter. Community Bank N.A. now owns 500 shares of the medical technology company’s stock valued at $39,000 after buying an additional 140 shares during the last quarter. Red Tortoise LLC purchased a new stake in Medtronic in the fourth quarter valued at about $47,000. Fairfield Bush & CO. purchased a new stake in Medtronic in the first quarter valued at about $47,000. Finally, McElhenny Sheffield Capital Management LLC purchased a new stake in Medtronic in the fourth quarter valued at about $50,000. 80.37% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Performance

NYSE MDT opened at $83.73 on Friday. The stock has a market capitalization of $111.40 billion, a price-to-earnings ratio of 29.69, a PEG ratio of 2.70 and a beta of 0.71. The stock has a 50-day moving average of $85.53 and a 200 day moving average of $82.21. The company has a current ratio of 2.39, a quick ratio of 1.81 and a debt-to-equity ratio of 0.47. Medtronic plc has a twelve month low of $75.76 and a twelve month high of $95.60.

Medtronic (NYSE:MDT – Get Rating) last announced its earnings results on Thursday, May 25th. The medical technology company reported $1.57 earnings per share 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 during the quarter, compared to the consensus estimate of $8.25 billion. During the same period in the prior year, the company posted $1.52 EPS. The business’s quarterly revenue was up 5.6% on a year-over-year basis. Sell-side analysts anticipate that Medtronic plc will post 5.05 EPS for the current fiscal year.

Medtronic Increases Dividend

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

Analysts Set New Price Targets

A number of equities research analysts have commented on MDT shares. Barclays upgraded Medtronic from an “equal weight” rating to an “overweight” rating in a research note on Monday, April 24th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $89.00 price target on shares of Medtronic in a research note on Friday, April 21st. Stifel Nicolaus raised their price objective on Medtronic from $90.00 to $92.00 in a research note on Friday, May 26th. StockNews.com upgraded Medtronic from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 26th. Finally, Wells Fargo & Company upgraded Medtronic from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $77.00 to $100.00 in a research note on Monday, April 24th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $89.53.

About Medtronic

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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.