Wealth Management Strategies Inc. Buys Shares of 3,280 Medtronic plc (NYSE:MDT)

Wealth Management Strategies Inc. acquired a new stake in Medtronic plc (NYSE:MDT - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,280 shares of the medical technology company's stock, valued at approximately $262,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mainstream Capital Management LLC purchased a new position in Medtronic in the 4th quarter valued at about $26,000. Rakuten Securities Inc. lifted its position in shares of Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after purchasing an additional 294 shares during the last quarter. Stephens Consulting LLC lifted its position in shares of Medtronic by 145.7% during the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company's stock worth $27,000 after purchasing an additional 204 shares during the last quarter. Optiver Holding B.V. bought a new stake in Medtronic in the fourth quarter valued at about $31,000. Finally, McIlrath & Eck LLC increased its holdings in Medtronic by 72.3% in the fourth quarter. McIlrath & Eck LLC now owns 410 shares of the medical technology company's stock valued at $33,000 after buying an additional 172 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

Shares of NYSE MDT traded up $0.87 during mid-day trading on Thursday, reaching $82.11. 3,353,719 shares of the company traded hands, compared to its average volume of 6,804,877. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The firm has a market cap of $105.31 billion, a PE ratio of 24.95, a price-to-earnings-growth ratio of 2.22 and a beta of 0.81. The stock has a fifty day simple moving average of $84.46 and a 200-day simple moving average of $86.28.

Medtronic (NYSE:MDT - Get Free Report) last issued its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping analysts' consensus estimates of $1.58 by $0.04. The firm had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The firm's revenue for the quarter was up 3.9% compared to the same quarter last year. During the same period last year, the firm posted $1.46 earnings per share. Equities research analysts anticipate that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be issued a $0.71 dividend. The ex-dividend date is Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.46%. This is a boost from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio is currently 78.45%.

Analyst Ratings Changes

MDT has been the subject of several research analyst reports. Citigroup raised Medtronic from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Royal Bank of Canada dropped their price objective on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. UBS Group increased their price objective on shares of Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Robert W. Baird dropped their price objective on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research note on Thursday, May 22nd. Finally, Truist Financial dropped their price objective on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research note on Friday, April 11th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $96.07.

Medtronic Profile

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.