Caliber Wealth Management LLC KS Buys Shares of 33,265 Medtronic PLC (NYSE:MDT)

Key Points

• Caliber Wealth Management LLC purchased 33,265 shares of Medtronic PLC, valued at approximately $2.99 million, indicating growing interest from institutional investors.
• Medtronic recently increased its quarterly dividend to $0.71 per share, reflecting a 3.08% dividend yield and a payout ratio of 78.45%.
• Analyst ratings for Medtronic show a consensus of "Moderate Buy" with an average price target of $98.19, with multiple firms adjusting their ratings in recent months.

Caliber Wealth Management LLC KS acquired a new stake in Medtronic PLC (NYSE:MDT - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 33,265 shares of the medical technology company's stock, valued at approximately $2,989,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of MDT. Norges Bank acquired a new position in Medtronic in the 4th quarter valued at about $1,163,580,000. Beutel Goodman & Co Ltd. acquired a new position in Medtronic in the 4th quarter valued at about $377,169,000. Invesco Ltd. grew its position in Medtronic by 17.8% in the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock valued at $1,233,769,000 after acquiring an additional 2,333,600 shares in the last quarter. Burgundy Asset Management Ltd. acquired a new position in Medtronic in the 4th quarter valued at about $174,329,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Medtronic in the 4th quarter valued at about $139,869,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of NYSE MDT traded up $0.59 during mid-day trading on Friday, hitting $92.91. 5,264,531 shares of the company were exchanged, compared to its average volume of 7,082,213. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The stock has a 50 day simple moving average of $87.04 and a 200-day simple moving average of $87.56. Medtronic PLC has a 1-year low of $78.32 and a 1-year high of $96.25. The firm has a market cap of $119.16 billion, a price-to-earnings ratio of 25.66, a price-to-earnings-growth ratio of 2.41 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings results 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. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The firm had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. During the same period last year, the company earned $1.46 earnings per share. The company's revenue for the quarter was up 3.9% on a year-over-year basis. On average, sell-side analysts forecast that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were issued a $0.71 dividend. The ex-dividend date was Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.06%. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio (DPR) is 78.45%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. William Blair raised Medtronic to a "hold" rating in a research report on Friday, July 11th. Citigroup boosted their price objective on Medtronic from $98.00 to $99.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Truist Financial lowered their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research report on Friday, April 11th. Leerink Partnrs raised Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. Finally, Royal Bank Of Canada lowered their price objective on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Eleven analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Medtronic currently has an average rating of "Moderate Buy" and a consensus price target of $98.19.

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.