Allegiance Financial Group Advisory Services LLC Takes $355,000 Position in Medtronic PLC (NYSE:MDT)

Allegiance Financial Group Advisory Services LLC purchased a new stake in shares of Medtronic PLC (NYSE:MDT - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 3,952 shares of the medical technology company's stock, valued at approximately $355,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Burkett Financial Services LLC grew its position in shares of Medtronic by 185.0% in the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after purchasing an additional 185 shares in the last quarter. Wood Tarver Financial Group LLC purchased a new position in shares of Medtronic in the fourth quarter valued at $27,000. Columbia River Financial Group LLC purchased a new position in shares of Medtronic in the first quarter valued at $28,000. Optiver Holding B.V. purchased a new position in shares of Medtronic in the fourth quarter valued at $31,000. Finally, Hughes Financial Services LLC purchased a new position in shares of Medtronic in the first quarter valued at $32,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Medtronic stock traded up $0.10 during trading on Friday, reaching $89.63. The company had a trading volume of 6,413,451 shares, compared to its average volume of 7,025,190. Medtronic PLC has a 52 week low of $78.32 and a 52 week high of $96.25. The firm's 50-day simple moving average is $86.41 and its 200 day simple moving average is $87.13. The firm has a market capitalization of $114.95 billion, a price-to-earnings ratio of 24.76, a price-to-earnings-growth ratio of 2.33 and a beta of 0.80. 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 (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 (EPS) for the quarter, topping analysts' consensus estimates of $1.58 by $0.04. The business had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. Medtronic's revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.46 EPS. Sell-side analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were given a $0.71 dividend. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.84 annualized dividend and a yield of 3.17%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio (DPR) is currently 78.45%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MDT. Citigroup lifted their price objective on Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Robert W. Baird dropped their price target on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Wall Street Zen raised Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Finally, Leerink Partnrs raised Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Eleven equities research 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 stock. According to data from MarketBeat.com, Medtronic presently has an average rating of "Moderate Buy" and a consensus target price 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.