Albion Financial Group UT raised its stake in Medtronic PLC (NYSE:MDT - Free Report) by 247.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 69,064 shares of the medical technology company's stock after buying an additional 49,206 shares during the quarter. Albion Financial Group UT's holdings in Medtronic were worth $6,206,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently modified their holdings of the company. Mainstream Capital Management LLC acquired a new stake in shares of Medtronic in the fourth quarter valued at approximately $26,000. Burkett Financial Services LLC grew its holdings in shares of Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after purchasing an additional 185 shares in the last quarter. Rakuten Securities Inc. raised 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 worth $27,000 after buying an additional 294 shares in the last quarter. Wood Tarver Financial Group LLC bought a new stake in shares of Medtronic during the fourth quarter worth $27,000. Finally, Optiver Holding B.V. bought a new position in Medtronic in the 4th quarter valued at approximately $31,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of equities research analysts have weighed in on the company. Leerink Partners began coverage on Medtronic in a report on Monday, June 16th. They issued an "outperform" rating and a $110.00 target price for the company. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Royal Bank Of Canada lowered their price target on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. Truist Financial lowered their target price on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a report on Friday, April 11th. Finally, Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and increased their price target for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. Nine research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $97.87.
Read Our Latest Analysis on MDT
Medtronic Stock Performance
Shares of MDT stock traded up $1.51 during trading hours on Tuesday, reaching $88.68. The company had a trading volume of 10,089,347 shares, compared to its average volume of 6,981,361. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The business has a fifty day moving average price of $84.93 and a 200-day moving average price of $86.41. Medtronic PLC has a one year low of $75.96 and a one year high of $96.25. The firm has a market cap of $113.74 billion, a PE ratio of 24.50, a price-to-earnings-growth ratio of 2.35 and a beta of 0.80.
Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating analysts' consensus estimates of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The business had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. During the same period in the previous year, the business earned $1.46 EPS. The company's quarterly revenue was up 3.9% compared to the same quarter last year. Sell-side analysts predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.
Medtronic Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors 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 yield of 3.20%. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio is currently 78.45%.
About Medtronic
(
Free Report)
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.
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