BTC Capital Management Inc. Purchases 3,997 Shares of Medtronic plc (NYSE:MDT)

BTC Capital Management Inc. raised its position in Medtronic plc (NYSE:MDT - Free Report) by 9.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 45,127 shares of the medical technology company's stock after purchasing an additional 3,997 shares during the quarter. BTC Capital Management Inc.'s holdings in Medtronic were worth $4,056,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in MDT. MONECO Advisors LLC raised its stake in Medtronic by 1.8% during the 4th quarter. MONECO Advisors LLC now owns 6,408 shares of the medical technology company's stock worth $512,000 after acquiring an additional 115 shares in the last quarter. Faithward Advisors LLC increased its stake in Medtronic by 2.7% in the fourth quarter. Faithward Advisors LLC now owns 5,043 shares of the medical technology company's stock valued at $403,000 after purchasing an additional 134 shares during the period. Vestor Capital LLC increased its stake in shares of Medtronic by 0.3% during the fourth quarter. Vestor Capital LLC now owns 51,375 shares of the medical technology company's stock worth $4,104,000 after acquiring an additional 138 shares during the period. Retirement Planning Co of New England Inc. increased its stake in shares of Medtronic by 4.9% during the fourth quarter. Retirement Planning Co of New England Inc. now owns 2,989 shares of the medical technology company's stock worth $239,000 after acquiring an additional 139 shares during the period. Finally, Alliance Wealth Advisors LLC UT increased its stake in shares of Medtronic by 0.3% during the fourth quarter. Alliance Wealth Advisors LLC UT now owns 54,456 shares of the medical technology company's stock worth $4,350,000 after acquiring an additional 145 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Performance

Medtronic stock traded up $0.75 on Monday, hitting $83.73. The company's stock had a trading volume of 7,903,671 shares, compared to its average volume of 6,813,155. The company has a fifty day moving average price of $84.19 and a 200-day moving average price of $86.19. The firm has a market cap of $107.38 billion, a P/E ratio of 25.45, a price-to-earnings-growth ratio of 2.22 and a beta of 0.81. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. Medtronic plc has a one year low of $75.96 and a one year high of $96.25.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.58 by $0.04. The firm had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The company's revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.46 EPS. On average, equities analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be given a $0.71 dividend. The ex-dividend date is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.39%. This is a boost from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio (DPR) is presently 78.45%.

Wall Street Analyst Weigh In

Several research firms have weighed in on MDT. Wall Street Zen downgraded Medtronic from a "buy" rating to a "hold" rating in a research report on Saturday, May 24th. Mizuho cut their price target 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. Royal Bank of Canada cut their price target on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research report on Monday, May 19th. Finally, Truist Financial lowered their price target on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a report on Friday, April 11th. Nine research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $97.00.

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.