Westwood Holdings Group Inc. Decreases Stock Holdings in Medtronic PLC (NYSE:MDT)

Westwood Holdings Group Inc. decreased its position in Medtronic PLC (NYSE:MDT) by 15.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 840,289 shares of the medical technology company’s stock after selling 155,926 shares during the quarter. Medtronic makes up 0.9% of Westwood Holdings Group Inc.’s investment portfolio, making the stock its 27th largest position. Westwood Holdings Group Inc. owned 0.06% of Medtronic worth $81,836,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Hayden Royal LLC purchased a new position in shares of Medtronic in the second quarter valued at about $275,000. Rockefeller Capital Management L.P. increased its position in shares of Medtronic by 0.6% in the first quarter. Rockefeller Capital Management L.P. now owns 1,357,738 shares of the medical technology company’s stock valued at $123,663,000 after acquiring an additional 7,939 shares during the period. Cim LLC increased its position in shares of Medtronic by 12.9% in the second quarter. Cim LLC now owns 4,189 shares of the medical technology company’s stock valued at $408,000 after acquiring an additional 480 shares during the period. Concentric Wealth Management LLC increased its position in shares of Medtronic by 3.1% in the second quarter. Concentric Wealth Management LLC now owns 19,536 shares of the medical technology company’s stock valued at $1,903,000 after acquiring an additional 595 shares during the period. Finally, Belpointe Asset Management LLC increased its position in shares of Medtronic by 35.3% in the first quarter. Belpointe Asset Management LLC now owns 4,581 shares of the medical technology company’s stock valued at $417,000 after acquiring an additional 1,196 shares during the period. Hedge funds and other institutional investors own 81.03% of the company’s stock.

A number of research firms have issued reports on MDT. Raymond James boosted their price objective on shares of Medtronic from $105.00 to $118.00 and gave the company an “outperform” rating in a research report on Wednesday, August 21st. Bank of America set a $118.00 price target on shares of Medtronic and gave the company a “buy” rating in a research report on Wednesday, August 21st. Needham & Company LLC reiterated a “buy” rating and set a $133.00 price target on shares of Medtronic in a research report on Wednesday, August 28th. Cowen reiterated an “outperform” rating and set a $111.00 price target (up previously from $99.00) on shares of Medtronic in a research report on Wednesday, August 14th. Finally, Stifel Nicolaus boosted their price target on shares of Medtronic from $95.00 to $112.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. Six equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $114.15.

Shares of NYSE MDT traded up $0.07 during midday trading on Friday, hitting $111.08. 3,956,895 shares of the company traded hands, compared to its average volume of 4,424,746. Medtronic PLC has a 12-month low of $81.66 and a 12-month high of $111.73. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.20 and a current ratio of 2.67. The stock has a 50-day moving average price of $105.68 and a 200 day moving average price of $96.29. The firm has a market cap of $146.70 billion, a P/E ratio of 21.28, a P/E/G ratio of 2.69 and a beta of 0.65.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.26 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.18 by $0.08. The business had revenue of $7.49 billion for the quarter, compared to analysts’ expectations of $7.40 billion. Medtronic had a net margin of 14.41% and a return on equity of 14.36%. The business’s revenue was up 1.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.17 earnings per share. As a group, equities analysts expect that Medtronic PLC will post 5.56 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Friday, September 27th will be issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date of this dividend is Thursday, September 26th. Medtronic’s dividend payout ratio (DPR) is presently 41.38%.

In other Medtronic news, SVP Bradley E. Lerman sold 4,000 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $100.31, for a total value of $401,240.00. Following the sale, the senior vice president now owns 52,906 shares in the company, valued at $5,307,000.86. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Richard Kuntz sold 3,438 shares of the company’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $101.12, for a total transaction of $347,650.56. The disclosure for this sale can be found here. In the last 90 days, insiders sold 96,914 shares of company stock worth $10,315,651. Corporate insiders own 0.28% of the company’s stock.

Medtronic Profile

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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