Waterway Wealth Management LLC Has $404,000 Holdings in Medtronic plc (NYSE:MDT)

Waterway Wealth Management LLC increased its holdings in shares of Medtronic plc (NYSE:MDT) by 62.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,493 shares of the medical technology company’s stock after purchasing an additional 1,734 shares during the quarter. Waterway Wealth Management LLC’s holdings in Medtronic were worth $404,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Lynx Investment Advisory acquired a new position in Medtronic during the second quarter worth $28,000. Tributary Capital Management LLC acquired a new position in Medtronic during the first quarter worth $33,000. Riverview Trust Co acquired a new position in Medtronic during the first quarter worth $39,000. Gleason Group Inc. acquired a new position in Medtronic during the second quarter worth $42,000. Finally, Opal Wealth Advisors LLC acquired a new position in Medtronic during the second quarter worth $43,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on MDT shares. Piper Sandler increased their price target on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Stifel Nicolaus increased their price target on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. Finally, Evercore ISI raised their target price on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Medtronic has a consensus rating of “Hold” and an average target price of $95.36.

Medtronic Price Performance

MDT stock opened at $91.05 on Tuesday. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $92.25. The firm has a market cap of $116.75 billion, a P/E ratio of 33.11, a P/E/G ratio of 2.53 and a beta of 0.84. The company’s 50-day moving average price is $88.65 and its two-hundred day moving average price is $83.63.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same period last year, the firm earned $1.20 EPS. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. On average, analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.08%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio is currently 101.82%.

Medtronic Profile

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.