Great Lakes Advisors LLC Acquires 24,167 Shares of Medtronic plc (NYSE:MDT)

Posted by Defense World Staff on Aug 20th, 2023

Great Lakes Advisors LLC lifted its stake in Medtronic plc (NYSE:MDT – Free Report) by 97.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 49,016 shares of the medical technology company’s stock after acquiring an additional 24,167 shares during the period. Great Lakes Advisors LLC’s holdings in Medtronic were worth $3,952,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in MDT. Syverson Strege & Co grew its holdings in shares of Medtronic by 52.9% in the fourth quarter. Syverson Strege & Co now owns 341 shares of the medical technology company’s stock worth $27,000 after purchasing an additional 118 shares during the last quarter. FSB Premier Wealth Management Inc. increased its position in shares of Medtronic by 2.6% during the fourth quarter. FSB Premier Wealth Management Inc. now owns 4,749 shares of the medical technology company’s stock worth $369,000 after acquiring an additional 119 shares during the period. Auxano Advisors LLC increased its position in shares of Medtronic by 1.5% during the fourth quarter. Auxano Advisors LLC now owns 8,055 shares of the medical technology company’s stock worth $626,000 after acquiring an additional 122 shares during the period. HHM Wealth Advisors LLC raised its stake in shares of Medtronic by 8.0% during the first quarter. HHM Wealth Advisors LLC now owns 1,737 shares of the medical technology company’s stock valued at $140,000 after acquiring an additional 129 shares in the last quarter. Finally, Great Diamond Partners LLC grew its stake in Medtronic by 2.5% in the first quarter. Great Diamond Partners LLC now owns 5,233 shares of the medical technology company’s stock worth $422,000 after purchasing an additional 129 shares in the last quarter. 80.48% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Sanford C. Bernstein decreased their target price on Medtronic from $100.00 to $99.00 in a research report on Friday, May 26th. 22nd Century Group reaffirmed an “initiates” rating on shares of Medtronic in a research note on Friday, June 30th. Truist Financial dropped their target price on shares of Medtronic from $93.00 to $90.00 in a report on Friday, May 26th. Robert W. Baird started coverage on shares of Medtronic in a report on Tuesday, July 18th. They issued a “neutral” rating and a $90.00 price target for the company. Finally, StockNews.com assumed coverage on shares of Medtronic in a research note on Thursday. They set a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $90.72.

Get Our Latest Report on Medtronic

Insider Activity

In other Medtronic news, EVP Brett A. Wall sold 1,000 shares of Medtronic stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $83.38, for a total transaction of $83,380.00. Following the completion of the sale, the executive vice president now owns 33,573 shares of the company’s stock, valued at approximately $2,799,316.74. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, EVP Hoedt Rob Ten sold 5,514 shares of the stock in a transaction on Monday, July 10th. The shares were sold at an average price of $86.58, for a total value of $477,402.12. Following the sale, the executive vice president now owns 43,802 shares in the company, valued at $3,792,377.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Brett A. Wall sold 1,000 shares of the business’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $83.38, for a total transaction of $83,380.00. Following the transaction, the executive vice president now owns 33,573 shares of the company’s stock, valued at $2,799,316.74. The disclosure for this sale can be found here. Insiders have sold 9,866 shares of company stock valued at $850,439 over the last ninety days. 0.29% of the stock is currently owned by insiders.

Medtronic Stock Down 0.0 %

Shares of MDT stock opened at $81.52 on Friday. The stock’s fifty day moving average price is $86.43 and its 200 day moving average price is $84.78. 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 company has a market cap of $108.46 billion, a price-to-earnings ratio of 28.91, a price-to-earnings-growth ratio of 2.63 and a beta of 0.71.

Medtronic (NYSE:MDT – Get Free Report) last issued its quarterly earnings results on Thursday, May 25th. The medical technology company reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.56 by $0.01. The business had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.25 billion. Medtronic had a return on equity of 13.54% and a net margin of 12.03%. The company’s revenue was up 5.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.52 earnings per share. On average, research analysts expect that Medtronic plc will post 5.05 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 22nd will be paid a dividend of $0.69 per share. The ex-dividend date of this dividend is Thursday, September 21st. This represents a $2.76 annualized dividend and a dividend yield of 3.39%. Medtronic’s payout ratio is currently 97.87%.

About Medtronic

(Free Report)

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.