Argent Advisors Inc. Purchases 2,946 Shares of Medtronic PLC (NYSE:MDT)

Argent Advisors Inc. increased its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 9.9% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 32,663 shares of the medical technology company's stock after acquiring an additional 2,946 shares during the period. Medtronic comprises approximately 1.0% of Argent Advisors Inc.'s investment portfolio, making the stock its 25th largest holding. Argent Advisors Inc.'s holdings in Medtronic were worth $2,935,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. TCTC Holdings LLC raised its stake in Medtronic by 3.4% in the fourth quarter. TCTC Holdings LLC now owns 39,718 shares of the medical technology company's stock valued at $3,173,000 after buying an additional 1,301 shares during the period. Brighton Jones LLC raised its stake in Medtronic by 1,368.0% in the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after buying an additional 37,265 shares during the period. Oxford Asset Management LLP raised its stake in Medtronic by 70.1% in the fourth quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company's stock valued at $594,000 after buying an additional 3,068 shares during the period. New Vernon Investment Management LLC raised its stake in Medtronic by 304.9% in the fourth quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company's stock valued at $2,425,000 after buying an additional 22,300 shares during the period. Finally, Argent Trust Co raised its stake in Medtronic by 13.6% in the fourth quarter. Argent Trust Co now owns 56,020 shares of the medical technology company's stock valued at $4,475,000 after buying an additional 6,721 shares during the period. Institutional investors own 82.06% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on MDT shares. Truist Financial decreased their target price on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research report on Friday, April 11th. Mizuho decreased their target price on Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. Royal Bank Of Canada decreased their target price on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. Leerink Partners started coverage on Medtronic in a research report on Monday, June 16th. They issued an "outperform" rating and a $110.00 target price on the stock. Finally, Wall Street Zen raised Medtronic from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Eight research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Medtronic presently has a consensus rating of "Moderate Buy" and an average target price of $97.87.

Medtronic Stock Up 0.0%

NYSE MDT opened at $86.19 on Monday. The business has a fifty day moving average price of $84.82 and a two-hundred day moving average price of $86.38. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. Medtronic PLC has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The stock has a market capitalization of $110.54 billion, a PE ratio of 23.81, a PEG ratio of 2.32 and a beta of 0.79.

Medtronic (NYSE:MDT - Get Free Report) last released its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The firm had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. During the same period in the prior year, the company earned $1.46 earnings per share. The company's quarterly revenue was up 3.9% on a year-over-year basis. Equities analysts expect that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.29%. This is a boost from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, June 27th. Medtronic's dividend payout ratio is presently 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.

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