Allied Investment Advisors LLC Acquires 9,002 Shares of Medtronic plc (NYSE:MDT)

Allied Investment Advisors LLC lifted its position in Medtronic plc (NYSE:MDT - Free Report) by 8.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 115,412 shares of the medical technology company's stock after buying an additional 9,002 shares during the quarter. Medtronic makes up approximately 2.0% of Allied Investment Advisors LLC's portfolio, making the stock its 27th biggest holding. Allied Investment Advisors LLC's holdings in Medtronic were worth $10,371,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of MDT. Empowered Funds LLC increased its stake in Medtronic by 2.7% in the 4th quarter. Empowered Funds LLC now owns 105,822 shares of the medical technology company's stock worth $8,453,000 after acquiring an additional 2,778 shares during the last quarter. Caprock Group LLC grew its holdings in shares of Medtronic by 12.6% during the fourth quarter. Caprock Group LLC now owns 47,767 shares of the medical technology company's stock worth $3,849,000 after purchasing an additional 5,363 shares in the last quarter. Equitable Trust Co. grew its holdings in shares of Medtronic by 91.7% during the fourth quarter. Equitable Trust Co. now owns 39,645 shares of the medical technology company's stock worth $3,167,000 after purchasing an additional 18,968 shares in the last quarter. Brentview Investment Management LLC bought a new position in shares of Medtronic in the fourth quarter worth approximately $3,056,000. Finally, JB Capital LLC increased its position in shares of Medtronic by 5.8% in the fourth quarter. JB Capital LLC now owns 116,877 shares of the medical technology company's stock worth $9,336,000 after purchasing an additional 6,381 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Truist Financial dropped their target price on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research report on Friday, April 11th. Robert W. Baird dropped their price objective on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. Royal Bank of Canada cut their target price on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Wall Street Zen cut Medtronic from a "buy" rating to a "hold" rating in a research note on Saturday, May 24th. Finally, Citigroup raised Medtronic from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Nine research 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $97.00.

Medtronic Trading Up 2.2%

Shares of MDT traded up $1.84 during trading hours on Tuesday, hitting $85.58. The company had a trading volume of 11,977,357 shares, compared to its average volume of 6,833,776. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $96.25. 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 stock's 50 day moving average price is $84.10 and its 200 day moving average price is $86.17. The firm has a market cap of $109.76 billion, a P/E ratio of 26.01, a P/E/G ratio of 2.22 and a beta of 0.81.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.04. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The business had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. During the same period last year, the company earned $1.46 EPS. Medtronic's revenue for the quarter was up 3.9% compared to the same quarter last year. On average, research analysts predict that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Increases Dividend

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

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.