Arete Wealth Advisors LLC Takes $1.05 Million Position in Medtronic plc (NYSE:MDT)

Posted by Defense World Staff on Sep 15th, 2023

Arete Wealth Advisors LLC acquired a new stake in shares of Medtronic plc (NYSE:MDT – Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 13,045 shares of the medical technology company’s stock, valued at approximately $1,052,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in MDT. Nelson Van Denburg & Campbell Wealth Management Group LLC grew its holdings in shares of Medtronic by 0.8% during the 1st quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 13,867 shares of the medical technology company’s stock valued at $1,118,000 after purchasing an additional 114 shares during the last quarter. Centurion Wealth Management LLC grew its holdings in shares of Medtronic by 4.2% during the 1st quarter. Centurion Wealth Management LLC now owns 3,054 shares of the medical technology company’s stock valued at $246,000 after purchasing an additional 123 shares during the last quarter. HHM Wealth Advisors LLC grew its holdings in shares of Medtronic by 8.0% during the 1st quarter. HHM Wealth Advisors LLC now owns 1,737 shares of the medical technology company’s stock valued at $140,000 after purchasing an additional 129 shares during the last quarter. Great Diamond Partners LLC grew its holdings in shares of Medtronic by 2.5% during the 1st quarter. Great Diamond Partners LLC now owns 5,233 shares of the medical technology company’s stock valued at $422,000 after purchasing an additional 129 shares during the last quarter. Finally, Syverson Strege & Co grew its holdings in shares of Medtronic by 39.0% during the 1st quarter. Syverson Strege & Co now owns 474 shares of the medical technology company’s stock valued at $38,000 after purchasing an additional 133 shares during the last quarter. Hedge funds and other institutional investors own 80.75% of the company’s stock.

Insiders Place Their Bets

In other Medtronic news, EVP Gregory L. Smith sold 10,000 shares of the business’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $83.84, for a total value of $838,400.00. Following the sale, the executive vice president now directly owns 46,723 shares of the company’s stock, valued at $3,917,256.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Brett A. Wall sold 1,000 shares of the business’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $83.38, for a total value of $83,380.00. Following the completion of the transaction, the executive vice president now owns 33,573 shares in the company, valued at $2,799,316.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Gregory L. Smith sold 10,000 shares of the business’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $83.84, for a total value of $838,400.00. Following the completion of the transaction, the executive vice president now owns 46,723 shares of the company’s stock, valued at approximately $3,917,256.32. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,866 shares of company stock valued at $1,688,839. 0.30% of the stock is currently owned by corporate insiders.

Medtronic Trading Up 0.8 %

Shares of NYSE MDT opened at $81.96 on Friday. Medtronic plc has a 1 year low of $75.76 and a 1 year high of $92.02. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.42 and a quick ratio of 1.79. The firm has a 50-day moving average of $84.33 and a 200 day moving average of $84.35. The stock has a market cap of $109.05 billion, a P/E ratio of 30.24, a price-to-earnings-growth ratio of 2.81 and a beta of 0.71.

Medtronic (NYSE:MDT – Get Free Report) last released its earnings results on Tuesday, August 22nd. The medical technology company reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.09. The firm had revenue of $7.70 billion during the quarter, compared to analyst estimates of $7.57 billion. Medtronic had a net margin of 11.47% and a return on equity of 13.81%. The business’s revenue was up 4.5% on a year-over-year basis. During the same period last year, the business earned $1.13 earnings per share. As a group, sell-side analysts expect that Medtronic plc will post 5.12 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 22nd will be issued a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend is Thursday, September 21st. Medtronic’s dividend payout ratio (DPR) is 101.85%.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. UBS Group increased their target price on shares of Medtronic from $79.00 to $82.00 and gave the company a “sell” rating in a report on Wednesday, August 23rd. Stifel Nicolaus upped their price objective on shares of Medtronic from $92.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday, August 22nd. Wells Fargo & Company raised their target price on Medtronic from $100.00 to $102.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 23rd. Morgan Stanley raised Medtronic from an “equal weight” rating to an “overweight” rating and set a $104.00 price target for the company in a research report on Tuesday, May 30th. Finally, Mizuho lifted their price objective on Medtronic from $95.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, August 23rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $91.67.

Get Our Latest Analysis on Medtronic

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.