Aegis Wealth Management LLC Acquires 3,500 Shares of Medtronic PLC (NYSE:MDT)

Key Points

• Aegis Wealth Management LLC increased its holdings in Medtronic PLC by 104.4%, now owning a total of 6,854 shares worth $616,000 after acquiring an additional 3,500 shares.
• Medtronic recently reported earnings of $1.62 per share, beating analysts' expectations, with a quarterly revenue of $8.93 billion, up 3.9% compared to the same quarter last year.
• The company increased its quarterly dividend from $0.70 to $0.71 per share, resulting in an annualized dividend yield of 3.07%.

Aegis Wealth Management LLC boosted its position in Medtronic PLC (NYSE:MDT - Free Report) by 104.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,854 shares of the medical technology company's stock after purchasing an additional 3,500 shares during the quarter. Aegis Wealth Management LLC's holdings in Medtronic were worth $616,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Invesco Ltd. lifted 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 valued at $1,233,769,000 after purchasing an additional 2,333,600 shares during the last quarter. Burgundy Asset Management Ltd. acquired a new stake in shares of Medtronic during the fourth quarter worth about $174,329,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Medtronic in the fourth quarter worth about $139,869,000. Mackenzie Financial Corp grew its position in shares of Medtronic by 220.9% during the 1st quarter. Mackenzie Financial Corp now owns 2,412,115 shares of the medical technology company's stock valued at $216,753,000 after acquiring an additional 1,660,357 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Medtronic by 21.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,910,161 shares of the medical technology company's stock worth $711,744,000 after purchasing an additional 1,566,776 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Truist Financial cut 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. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a report on Friday, June 6th. Mizuho upped their price target on Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Robert W. Baird reduced their target price 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. Finally, William Blair upgraded shares of Medtronic to a "hold" rating in a research report on Friday, July 11th. Eleven investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $98.19.

Medtronic Trading Down 1.0%

Shares of NYSE:MDT traded down $0.93 during trading on Friday, hitting $89.31. 6,507,377 shares of the company's stock were exchanged, compared to its average volume of 6,483,095. 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 PLC has a 1-year low of $79.29 and a 1-year high of $96.25. The firm has a market cap of $114.54 billion, a P/E ratio of 24.67, a PEG ratio of 2.34 and a beta of 0.80. The firm has a 50-day moving average price of $87.59 and a two-hundred day moving average price of $87.80.

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, beating analysts' consensus estimates of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The company had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. During the same period in the previous year, the company posted $1.46 earnings per share. The company's quarterly revenue was up 3.9% compared to the same quarter last year. Equities analysts predict that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were paid a dividend of $0.71 per share. This is an increase from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Friday, June 27th. Medtronic's 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.