AdvisorNet Financial Inc Purchases 3,018 Shares of Medtronic plc (NYSE:MDT)

AdvisorNet Financial Inc boosted its holdings in shares of Medtronic plc (NYSE:MDT - Free Report) by 55.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 8,469 shares of the medical technology company's stock after acquiring an additional 3,018 shares during the quarter. AdvisorNet Financial Inc's holdings in Medtronic were worth $761,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Mainstream Capital Management LLC acquired a new stake in shares of Medtronic during the 4th quarter valued at about $26,000. Stephens Consulting LLC lifted its holdings in shares of Medtronic by 145.7% during the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company's stock valued at $27,000 after buying an additional 204 shares during the last quarter. Rakuten Securities Inc. lifted its holdings in shares of Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock valued at $27,000 after buying an additional 294 shares during the last quarter. Wood Tarver Financial Group LLC acquired a new stake in shares of Medtronic during the 4th quarter valued at about $27,000. Finally, Optiver Holding B.V. acquired a new stake in shares of Medtronic during the 4th quarter valued at about $31,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently issued reports on MDT. Wall Street Zen lowered Medtronic from a "buy" rating to a "hold" rating in a report on Saturday, May 24th. Mizuho reduced their price target on Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Truist Financial reduced their price target on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a report on Friday, April 11th. Royal Bank of Canada cut their price objective on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Finally, Citigroup raised Medtronic from a "neutral" rating to a "buy" rating and raised their price objective for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Nine investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $97.00.

Medtronic Stock Performance

NYSE MDT traded up $0.06 during trading on Wednesday, hitting $85.60. The company's stock had a trading volume of 5,318,690 shares, compared to its average volume of 7,724,726. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The firm has a 50 day moving average price of $84.04 and a 200 day moving average price of $86.16. The firm has a market cap of $109.79 billion, a P/E ratio of 26.02, a price-to-earnings-growth ratio of 2.22 and a beta of 0.81. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last issued 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. The company had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The company's revenue for the quarter was up 3.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.46 EPS. Equities research analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, June 27th. This is a boost from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.32%. Medtronic's payout ratio is currently 78.45%.

Medtronic Company 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.