Berry Wealth Group LP Increases Stake in Medtronic plc (NYSE:MDT)

Berry Wealth Group LP increased its position in shares of Medtronic plc (NYSE:MDT) by 1.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 27,361 shares of the medical technology company’s stock after buying an additional 325 shares during the period. Medtronic comprises about 1.8% of Berry Wealth Group LP’s portfolio, making the stock its 19th biggest position. Berry Wealth Group LP’s holdings in Medtronic were worth $2,463,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Lynx Investment Advisory purchased a new stake in shares of Medtronic during the 2nd quarter worth $28,000. Tributary Capital Management LLC purchased a new stake in Medtronic during the 1st quarter worth about $33,000. Riverview Trust Co acquired a new position in shares of Medtronic during the 1st quarter worth about $39,000. Gleason Group Inc. purchased a new position in shares of Medtronic in the 2nd quarter valued at about $42,000. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of Medtronic during the 2nd quarter worth about $43,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on MDT shares. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Robert W. Baird increased their target price on shares of Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Oppenheimer lifted their price target on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. Citigroup upped their price objective on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. Finally, Truist Financial raised their price objective on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $95.36.

Medtronic Stock Performance

Shares of Medtronic stock traded down $0.78 on Monday, reaching $91.46. 2,069,740 shares of the stock were exchanged, compared to its average volume of 6,235,252. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The business has a fifty day moving average price of $88.45 and a two-hundred day moving average price of $83.58. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $92.25. The firm has a market capitalization of $117.28 billion, a PE ratio of 33.54, a PEG ratio of 2.53 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The firm had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. Medtronic’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.20 earnings per share. As a group, research analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given a dividend of $0.70 per share. The ex-dividend date was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.06%. Medtronic’s payout ratio is 101.82%.

About Medtronic

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.