Capital Advisors Inc. OK Boosts Position in Medtronic PLC (NYSE:MDT)

Capital Advisors Inc. OK raised its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 36.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 453,458 shares of the medical technology company's stock after buying an additional 121,185 shares during the quarter. Capital Advisors Inc. OK's holdings in Medtronic were worth $40,748,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of MDT. Norges Bank acquired a new position in shares of Medtronic during the fourth quarter valued at about $1,163,580,000. Beutel Goodman & Co Ltd. acquired a new position in Medtronic in the 4th quarter worth approximately $377,169,000. Invesco Ltd. increased its holdings in Medtronic by 17.8% in the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock worth $1,233,769,000 after buying an additional 2,333,600 shares during the period. Burgundy Asset Management Ltd. acquired a new position in Medtronic in the 4th quarter worth approximately $174,329,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Medtronic in the 4th quarter worth approximately $139,869,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

MDT stock traded up $1.22 during midday trading on Tuesday, reaching $88.89. The stock had a trading volume of 1,086,026 shares, compared to its average volume of 6,976,759. The company's fifty day simple moving average is $85.37 and its 200 day simple moving average is $86.68. 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 company has a market cap of $114.01 billion, a price-to-earnings ratio of 24.55, a price-to-earnings-growth ratio of 2.39 and a beta of 0.80. Medtronic PLC has a 52-week low of $75.96 and a 52-week high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share 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 analyst estimates of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The firm's revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.46 EPS. As a group, sell-side analysts predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.19%. The ex-dividend date of this dividend is Friday, June 27th. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's payout ratio is currently 78.45%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Truist Financial cut their price target on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a report on Friday, April 11th. Leerink Partnrs upgraded shares of Medtronic to a "strong-buy" rating in a report on Monday, June 16th. 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. Wall Street Zen upgraded shares of Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Finally, Wolfe Research raised shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Nine equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $98.00.

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.