Wayfinding Financial LLC Acquires Shares of 3,024 Medtronic PLC (NYSE:MDT)

Wayfinding Financial LLC purchased a new position in shares of Medtronic PLC (NYSE:MDT - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 3,024 shares of the medical technology company's stock, valued at approximately $273,000.

A number of other institutional investors and hedge funds have also made changes to their positions in MDT. Vanguard Group Inc. grew its stake in Medtronic by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company's stock valued at $9,921,367,000 after acquiring an additional 754,395 shares during the last quarter. Capital Research Global Investors lifted its holdings in Medtronic by 1.8% in the 4th quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company's stock valued at $2,652,310,000 after purchasing an additional 571,700 shares in the last quarter. Geode Capital Management LLC grew its holdings in Medtronic by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company's stock valued at $2,155,085,000 after purchasing an additional 574,055 shares during the period. Deutsche Bank AG increased its position in Medtronic by 2.1% during the fourth quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company's stock worth $1,473,278,000 after purchasing an additional 372,168 shares during the last quarter. Finally, Invesco Ltd. increased its position in Medtronic by 17.8% during the fourth quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock worth $1,233,769,000 after purchasing an additional 2,333,600 shares during the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Up 0.2%

Shares of MDT traded up $0.22 during midday trading on Friday, reaching $88.50. 2,989,470 shares of the company were exchanged, compared to its average volume of 6,998,685. The stock has a 50-day moving average price of $85.30 and a 200-day moving average price of $86.54. The company has a market cap of $113.50 billion, a price-to-earnings ratio of 24.45, a P/E/G ratio of 2.39 and a beta of 0.80. Medtronic PLC has a 1-year low of $75.96 and a 1-year high of $96.25. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping the consensus estimate of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The business had revenue of $8.93 billion for the quarter, compared to analysts' expectations of $8.81 billion. During the same quarter in the previous year, the firm posted $1.46 earnings per share. The company's revenue was up 3.9% compared to the same quarter last year. Research analysts expect 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 will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be paid a $0.71 dividend. This is a boost from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.21%. Medtronic's payout ratio is 78.45%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Royal Bank Of Canada reduced their target price on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. Mizuho reduced their target price on Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. Robert W. Baird reduced their target price on Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a report on Friday, June 6th. Finally, Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Nine analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $97.87.

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.