Barnes Dennig Private Wealth Management LLC Takes $4.02 Million Position in Medtronic PLC (NYSE:MDT)

Barnes Dennig Private Wealth Management LLC acquired a new position in shares of Medtronic PLC (NYSE:MDT - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund acquired 44,694 shares of the medical technology company's stock, valued at approximately $4,016,000. Medtronic comprises 6.1% of Barnes Dennig Private Wealth Management LLC's investment portfolio, making the stock its 3rd biggest holding.

A number of other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in Medtronic by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company's stock worth $9,921,367,000 after purchasing an additional 754,395 shares in the last quarter. Capital Research Global Investors lifted its holdings in Medtronic by 1.8% during the 4th quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company's stock worth $2,652,310,000 after buying an additional 571,700 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Medtronic by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company's stock worth $2,155,085,000 after acquiring an additional 574,055 shares in the last quarter. Deutsche Bank AG increased its holdings in shares of Medtronic by 2.1% in the 4th quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company's stock valued at $1,473,278,000 after acquiring an additional 372,168 shares during the last quarter. Finally, Invesco Ltd. raised its position in shares of Medtronic by 17.8% during the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock valued at $1,233,769,000 after acquiring an additional 2,333,600 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Performance

MDT traded up $0.22 during trading hours on Friday, hitting $88.50. The company's stock had a trading volume of 2,989,470 shares, compared to its average volume of 6,988,170. The company has a 50-day simple moving average of $85.21 and a 200 day simple moving average of $86.49. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $113.50 billion, a PE ratio of 24.45, a PEG ratio of 2.39 and a beta of 0.80. Medtronic PLC has a fifty-two week low of $75.96 and a fifty-two week high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating analysts' consensus estimates 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 analyst estimates of $8.81 billion. During the same period last year, the company earned $1.46 earnings per share. The company's quarterly revenue was up 3.9% compared to the same quarter last year. As a group, sell-side analysts expect that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The business 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. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.21%. This is an increase from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, June 27th. Medtronic's payout ratio is 78.45%.

Analyst Upgrades and Downgrades

MDT has been the topic of several research analyst reports. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Leerink Partners initiated coverage on shares of Medtronic in a report on Monday, June 16th. They set an "outperform" rating and a $110.00 target price on the stock. Robert W. Baird decreased their price target 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. Mizuho dropped their price objective on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Finally, Wall Street Zen raised shares of Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Nine research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Medtronic presently has an average rating of "Moderate Buy" and a consensus target price of $97.87.

Medtronic Company 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.