Cardinal Capital Management Inc. Buys 10,209 Shares of Medtronic plc (NYSE:MDT)

Cardinal Capital Management Inc. grew its position in shares of Medtronic plc (NYSE:MDT - Free Report) by 3.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 280,320 shares of the medical technology company's stock after purchasing an additional 10,209 shares during the quarter. Cardinal Capital Management Inc.'s holdings in Medtronic were worth $25,190,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Mainstream Capital Management LLC bought a new stake in Medtronic during the 4th quarter worth approximately $26,000. Burkett Financial Services LLC raised its position in Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after purchasing an additional 185 shares during the last quarter. Rakuten Securities Inc. lifted its holdings in Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after buying an additional 294 shares during the period. Wood Tarver Financial Group LLC bought a new stake in shares of Medtronic in the 4th quarter valued at about $27,000. Finally, Optiver Holding B.V. bought a new position in shares of Medtronic during the fourth quarter worth about $31,000. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Up 0.1%

NYSE:MDT traded up $0.05 on Wednesday, hitting $88.01. The stock had a trading volume of 4,643,169 shares, compared to its average volume of 6,871,732. 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 52 week low of $75.96 and a 52 week high of $96.25. The business's fifty day moving average is $83.89 and its 200 day moving average is $86.22. The company has a market cap of $112.88 billion, a PE ratio of 26.75, a P/E/G ratio of 2.22 and a beta of 0.79.

Medtronic (NYSE:MDT - Get Free Report) last issued 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. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The company had revenue of $8.93 billion for the quarter, compared to analysts' expectations of $8.81 billion. During the same period last year, the business earned $1.46 EPS. Medtronic's quarterly revenue was up 3.9% compared to the same quarter last year. On average, equities research analysts expect that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently disclosed 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 is a boost from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date of this dividend is Friday, June 27th. Medtronic's dividend payout ratio (DPR) is currently 78.45%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on MDT shares. Mizuho decreased their target price on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. UBS Group upped their price objective on shares of Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Royal Bank of Canada lowered their target price on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Citigroup upgraded Medtronic from a "neutral" rating to a "buy" rating and increased their price target for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. Finally, Truist Financial dropped their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research note on Friday, April 11th. Nine equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price 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.