Arkadios Wealth Advisors Has $7.04 Million Stock Position in Medtronic PLC (NYSE:MDT)

Key Points

• Arkadios Wealth Advisors has increased its holdings in Medtronic PLC by 21.3%, now owning 78,377 shares valued at approximately $7,043,000.
• Medtronic reported a quarterly earnings per share (EPS) of $1.62, exceeding estimates, with revenues rising 3.9% year-over-year to $8.93 billion.
• The company recently announced a quarterly dividend increase to $0.71, reflecting a yield of 3.07% and a payout ratio of 78.45%.

Arkadios Wealth Advisors grew its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 21.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 78,377 shares of the medical technology company's stock after buying an additional 13,753 shares during the period. Arkadios Wealth Advisors' holdings in Medtronic were worth $7,043,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of MDT. Burkett Financial Services LLC boosted its stake in 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 acquiring an additional 185 shares during the period. Wood Tarver Financial Group LLC purchased a new position in shares of Medtronic in the fourth quarter worth approximately $27,000. Columbia River Financial Group LLC acquired a new position in Medtronic in the 1st quarter worth approximately $28,000. Optiver Holding B.V. purchased a new position in shares of Medtronic during the 4th quarter valued at $31,000. Finally, Hughes Financial Services LLC purchased a new stake in shares of Medtronic during the first quarter worth $32,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Price Performance

Shares of Medtronic stock traded down $0.93 during mid-day trading on Friday, reaching $89.31. 6,507,377 shares of the stock were exchanged, compared to its average volume of 6,483,095. Medtronic PLC has a fifty-two week low of $79.29 and a fifty-two week high of $96.25. The company has a market cap of $114.54 billion, a price-to-earnings ratio of 24.67, a price-to-earnings-growth ratio of 2.34 and a beta of 0.80. The firm has a 50-day simple moving average of $87.59 and a 200 day simple moving average of $87.80. 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 announced its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS 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 company had revenue of $8.93 billion for the quarter, compared to analysts' expectations of $8.81 billion. During the same quarter in the prior year, the business earned $1.46 earnings per share. The business's revenue for the quarter was up 3.9% on a year-over-year basis. On average, sell-side analysts predict that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were given a dividend of $0.71 per share. The ex-dividend date was Friday, June 27th. This is a positive change from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.2%. Medtronic's dividend payout ratio (DPR) is currently 78.45%.

Analyst Ratings Changes

MDT has been the topic of a number of recent research reports. Wolfe Research upgraded shares of Medtronic from an "underperform" rating to a "peer perform" rating in a report on Monday, June 30th. Leerink Partners began coverage on Medtronic in a research report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price target for the company. William Blair raised Medtronic to a "hold" rating in a report on Friday, July 11th. Morgan Stanley reaffirmed an "overweight" rating and set a $107.00 target price (up previously from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. Finally, Evercore ISI increased their price target on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Eleven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $98.19.

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.