80,415 Shares in Medtronic PLC (NYSE:MDT) Bought by Westfield Capital Management Co. LP

Key Points

• Westfield Capital Management Co. LP has acquired a new position in Medtronic PLC, purchasing 80,415 shares valued at approximately $7.23 million.
• Medtronic reported quarterly earnings of $1.62 per share, exceeding estimates, with revenue of $8.93 billion, up 3.9% from the same quarter last year.
• The company declared a quarterly dividend of $0.71, increasing from the previous dividend, reflecting a 3.2% yield and a payout ratio of 78.45%.

Westfield Capital Management Co. LP bought a new stake in shares of Medtronic PLC (NYSE:MDT - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The firm bought 80,415 shares of the medical technology company's stock, valued at approximately $7,226,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Dunhill Financial LLC increased its holdings in Medtronic by 17.2% during the 1st quarter. Dunhill Financial LLC now owns 847 shares of the medical technology company's stock worth $76,000 after purchasing an additional 124 shares in the last quarter. Cidel Asset Management Inc. grew its position in Medtronic by 1.3% in the first quarter. Cidel Asset Management Inc. now owns 9,531 shares of the medical technology company's stock valued at $856,000 after purchasing an additional 126 shares in the last quarter. Petros Family Wealth LLC grew its position in Medtronic by 4.3% in the first quarter. Petros Family Wealth LLC now owns 3,111 shares of the medical technology company's stock valued at $280,000 after purchasing an additional 127 shares in the last quarter. Faithward Advisors LLC increased its stake in Medtronic by 2.7% in the 4th quarter. Faithward Advisors LLC now owns 5,043 shares of the medical technology company's stock valued at $403,000 after buying an additional 134 shares during the last quarter. Finally, Motco lifted its position in Medtronic by 27.0% during the 1st quarter. Motco now owns 635 shares of the medical technology company's stock worth $57,000 after buying an additional 135 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on MDT shares. Truist Financial lowered their target price on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research report on Friday, April 11th. Royal Bank Of Canada lowered their price target on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. Robert W. Baird cut their price objective on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. Morgan Stanley reissued an "overweight" rating and issued a $107.00 target price (up from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Finally, Leerink Partners assumed coverage on shares of Medtronic in a research report on Monday, June 16th. They set an "outperform" rating and a $110.00 price target on the stock. Eleven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $98.19.

Medtronic Stock Up 2.1%

Shares of Medtronic stock traded up $1.87 during trading on Thursday, reaching $91.23. 7,685,043 shares of the company traded hands, compared to its average volume of 6,912,314. Medtronic PLC has a 1-year low of $79.29 and a 1-year high of $96.25. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. The firm has a market capitalization of $116.94 billion, a PE ratio of 25.20, a P/E/G ratio of 2.32 and a beta of 0.80. The company has a 50 day moving average price of $88.45 and a 200-day moving average price of $87.90.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.04. The business had revenue of $8.93 billion for the quarter, compared to analysts' expectations of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The firm's revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.46 EPS. As a group, equities research analysts expect that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were given a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, June 27th. This is an increase from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.1%. Medtronic's payout ratio is 78.45%.

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.