McGlone Suttner Wealth Management Inc. Makes New $291,000 Investment in Medtronic PLC (NYSE:MDT)

McGlone Suttner Wealth Management Inc. bought a new stake in Medtronic PLC (NYSE:MDT - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 3,233 shares of the medical technology company's stock, valued at approximately $291,000.

A number of other hedge funds have also made changes to their positions in MDT. Brighton Jones LLC lifted its holdings in shares of Medtronic by 1,368.0% during the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after buying an additional 37,265 shares during the last quarter. Proficio Capital Partners LLC bought a new position in Medtronic during the fourth quarter valued at approximately $13,132,000. Vestmark Advisory Solutions Inc. lifted its stake in Medtronic by 33.1% in the fourth quarter. Vestmark Advisory Solutions Inc. now owns 4,408 shares of the medical technology company's stock valued at $352,000 after acquiring an additional 1,095 shares during the last quarter. Ashton Thomas Private Wealth LLC grew its position in Medtronic by 68.5% in the fourth quarter. Ashton Thomas Private Wealth LLC now owns 22,576 shares of the medical technology company's stock worth $1,819,000 after acquiring an additional 9,181 shares in the last quarter. Finally, Andra AP fonden grew its position in Medtronic by 153.3% in the fourth quarter. Andra AP fonden now owns 46,929 shares of the medical technology company's stock worth $3,749,000 after acquiring an additional 28,400 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Robert W. Baird reduced their price objective on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Royal Bank Of Canada reduced their price target on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Mizuho decreased their price target on Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Wolfe Research raised Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Finally, Wall Street Zen raised Medtronic from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Nine analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, Medtronic presently has a consensus rating of "Moderate Buy" and a consensus target price of $97.87.

Medtronic Stock Performance

MDT stock traded down $0.66 during trading on Monday, reaching $87.73. 7,217,285 shares of the stock were exchanged, compared to its average volume of 6,999,557. Medtronic PLC has a twelve month low of $75.96 and a twelve month 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. The company has a market capitalization of $112.52 billion, a P/E ratio of 24.23, a price-to-earnings-growth ratio of 2.39 and a beta of 0.80. The stock has a 50 day simple moving average of $85.30 and a 200-day simple moving average of $86.63.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.04. The company had revenue of $8.93 billion for 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% compared to the same quarter last year. During the same quarter last year, the firm earned $1.46 EPS. As a group, sell-side 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 will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.24%. The ex-dividend date is Friday, June 27th. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend 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.