Aspetuck Financial Management LLC Takes $272,000 Position in Medtronic PLC (NYSE:MDT)

Aspetuck Financial Management LLC purchased a new position in shares of Medtronic PLC (NYSE:MDT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 3,025 shares of the medical technology company's stock, valued at approximately $272,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Burkett Financial Services LLC lifted its stake 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 worth $26,000 after acquiring an additional 185 shares in the last quarter. Mainstream Capital Management LLC purchased a new stake in Medtronic during the 4th quarter worth approximately $26,000. Rakuten Securities Inc. raised its position in shares of Medtronic by 753.8% in the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock valued at $27,000 after purchasing an additional 294 shares in the last quarter. Wood Tarver Financial Group LLC purchased a new position in shares of Medtronic during the 4th quarter valued at approximately $27,000. Finally, Optiver Holding B.V. purchased a new position in shares of Medtronic during the 4th quarter valued at approximately $31,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Stock Performance

NYSE:MDT traded up $0.44 during midday trading on Thursday, reaching $86.41. 10,821,631 shares of the company traded hands, compared to its average volume of 6,959,053. The firm has a market capitalization of $110.83 billion, a price-to-earnings ratio of 23.87, a price-to-earnings-growth ratio of 2.32 and a beta of 0.79. The company has a fifty day moving average price of $84.67 and a 200 day moving average price of $86.29. 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 twelve month low of $75.96 and a twelve month high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.58 by $0.04. The company had revenue of $8.93 billion for the quarter, compared to analysts' expectations of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The firm's quarterly revenue was up 3.9% compared to the same quarter last year. During the same period last year, the business posted $1.46 earnings per share. On average, analysts expect that Medtronic PLC will post 5.46 EPS for the current fiscal 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 paid a $0.71 dividend. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.29%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio (DPR) is presently 77.35%.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Leerink Partners assumed coverage on shares of Medtronic in a report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price target on the stock. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Royal Bank Of Canada decreased their price target on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Finally, Truist Financial lowered their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a report on Friday, April 11th. Eight equities 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 MarketBeat.com, Medtronic presently has a consensus rating of "Moderate Buy" and a consensus target price of $97.87.

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.