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Westchester Capital Management Inc. Purchases 12,974 Shares of Medtronic PLC (NYSE:MDT)

Medtronic logo with Medical background

Key Points

  • Westchester Capital Management Inc. increased its position in Medtronic PLC by 15.2%, acquiring an additional 12,974 shares, bringing its total holdings to 98,454 shares worth approximately $8.85 million.
  • Medtronic recently reported earnings of $1.62 per share, exceeding analysts' estimates, with quarterly revenue reaching $8.93 billion, up 3.9% year-over-year.
  • The company announced a quarterly dividend of $0.71 per share, reflecting an increase from the previous dividend, with an annualized yield of 3.2% and a payout ratio of 78.45%.
  • MarketBeat previews top five stocks to own in September.

Westchester Capital Management Inc. grew its stake in Medtronic PLC (NYSE:MDT - Free Report) by 15.2% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 98,454 shares of the medical technology company's stock after purchasing an additional 12,974 shares during the quarter. Medtronic makes up about 2.2% of Westchester Capital Management Inc.'s holdings, making the stock its 20th largest position. Westchester Capital Management Inc.'s holdings in Medtronic were worth $8,847,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Klein Pavlis & Peasley Financial Inc. increased its position in Medtronic by 28.2% in the first quarter. Klein Pavlis & Peasley Financial Inc. now owns 38,364 shares of the medical technology company's stock worth $3,395,000 after buying an additional 8,433 shares during the last quarter. PNC Financial Services Group Inc. grew its position in shares of Medtronic by 5.5% in the first quarter. PNC Financial Services Group Inc. now owns 553,907 shares of the medical technology company's stock valued at $49,774,000 after purchasing an additional 28,635 shares in the last quarter. IFG Advisory LLC grew its position in shares of Medtronic by 6.3% in the first quarter. IFG Advisory LLC now owns 35,549 shares of the medical technology company's stock valued at $3,194,000 after purchasing an additional 2,115 shares in the last quarter. TIAA Trust National Association grew its position in shares of Medtronic by 80.6% in the first quarter. TIAA Trust National Association now owns 12,770 shares of the medical technology company's stock valued at $1,148,000 after purchasing an additional 5,699 shares in the last quarter. Finally, UNIVEST FINANCIAL Corp purchased a new position in shares of Medtronic in the first quarter valued at $214,000. Institutional investors own 82.06% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Citigroup lifted their price target on Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Royal Bank Of Canada dropped their price objective on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Wolfe Research raised Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Finally, Mizuho lifted their price objective on Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Eleven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $98.19.

View Our Latest Research Report on MDT

Medtronic Trading Down 1.0%

Shares of NYSE MDT traded down $0.93 during midday trading on Friday, reaching $89.31. The company had a trading volume of 6,507,377 shares, compared to its average volume of 6,816,003. Medtronic PLC has a one year low of $79.29 and a one year high of $96.25. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The firm's fifty day moving average price is $87.76 and its 200-day moving average price is $87.85. The stock has a market cap of $114.54 billion, a PE ratio of 24.67, a price-to-earnings-growth ratio of 2.32 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last released its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating analysts' consensus estimates of $1.58 by $0.04. The company had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. Medtronic's revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.46 EPS. On average, equities research analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Friday, June 27th. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio is currently 78.45%.

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.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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