Lmcg Investments LLC significantly increased its investment in Medtronic PLC, raising its position by an impressive 155.4% during the third quarter of 2023. According to the firm’s most recent 13F filing with the Securities and Exchange Commission (SEC), Lmcg now holds 65,667 shares of the medical technology company, valued at approximately $6,254,000.
This surge in holdings comes as part of a broader trend among institutional investors. Several other hedge funds also made strategic moves regarding Medtronic shares. Delos Wealth Advisors LLC initiated a new position valued at around $27,000 during the second quarter, while Corundum Trust Company INC acquired a stake worth the same amount in the third quarter. Similarly, Steigerwald Gordon & Koch Inc. and Tripletail Wealth Management LLC increased their investments, with stakes valued at approximately $33,000 and $34,000 respectively. Currently, institutional investors and hedge funds own 82.06% of Medtronic’s stock.
Analysts’ Outlook for Medtronic
Wall Street analysts have recently evaluated Medtronic’s stock, with varying outlooks. On January 6, William Blair upgraded Medtronic from a “market perform” to an “outperform” rating. In a separate note, Weiss Ratings reaffirmed a “buy (B-)” rating on December 29. Piper Sandler maintained a “neutral” rating on January 5, while Robert W. Baird set a target price of $103.00 for the shares.
The consensus among analysts is generally positive, with one research analyst assigning a “Strong Buy” rating, fourteen issuing a “Buy” rating, and eleven recommending a “Hold.” As reported by MarketBeat, the average rating for Medtronic is currently “Moderate Buy” with an average price target of $110.28.
Financial Performance and Dividends
Medtronic’s stock opened at $96.82 on Friday. The company has demonstrated solid financial metrics, including a quick ratio of 1.80 and a current ratio of 2.42. The debt-to-equity ratio stands at 0.57, indicating a manageable level of debt. Over the past year, Medtronic’s stock has fluctuated between a low of $79.55 and a high of $106.33.
In its latest quarterly earnings report on November 18, 2023, Medtronic announced earnings per share of $1.36, surpassing analysts’ expectations of $1.31. The company reported revenue of $8.96 billion, exceeding the anticipated $8.86 billion, marking a year-over-year revenue increase of 6.6%. Medtronic has set its fiscal year 2026 guidance at 5.620-5.660 EPS.
The company also declared a quarterly dividend of $0.71 per share, which was paid on January 16, 2024. This dividend represents an annualized total of $2.84 and a yield of 2.9%. The dividend payout ratio currently stands at 76.55%.
Medtronic PLC, headquartered legally in Ireland with significant operations in the United States, is a leading global medical technology company. Established in 1949, Medtronic develops a wide range of therapeutic devices and healthcare solutions, serving hospitals, physicians, and healthcare systems worldwide. The company’s product offerings include devices for cardiac rhythm management, minimally invasive surgical technologies, restorative therapies, and diabetes management solutions.
