Carrera Capital Advisors Buys 3,495 Shares of Medtronic PLC (NYSE:MDT)

Key Points

• Carrera Capital Advisors increased its stake in Medtronic PLC by 13.4%, acquiring an additional 3,495 shares, bringing its total holdings to 29,542 shares worth approximately $2.675 million.
• Several analysts have provided mixed ratings on Medtronic, with Robert W. Baird lowering its price target to $92 while Morgan Stanley raised its target to $107, indicating a general sentiment of a "Moderate Buy" with a consensus target price of $98.19.
• Medtronic recently increased its quarterly dividend to $0.71, reflecting a positive change from the previous $0.70, resulting in an annualized dividend yield of 3.06%.

Carrera Capital Advisors boosted its stake in Medtronic PLC (NYSE:MDT - Free Report) by 13.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 29,542 shares of the medical technology company's stock after acquiring an additional 3,495 shares during the period. Carrera Capital Advisors' holdings in Medtronic were worth $2,675,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in MDT. Burkett Financial Services LLC raised its position in 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 during the period. Wood Tarver Financial Group LLC bought a new stake in Medtronic in the fourth quarter worth about $27,000. Columbia River Financial Group LLC bought a new stake in Medtronic in the first quarter worth about $28,000. Optiver Holding B.V. bought a new stake in Medtronic in the fourth quarter worth about $31,000. Finally, Hughes Financial Services LLC bought a new stake in shares of Medtronic in the first quarter valued at approximately $32,000. Institutional investors own 82.06% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on MDT shares. Robert W. Baird lowered their price target on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research report on Thursday, May 22nd. Morgan Stanley reissued an "overweight" rating and issued a $107.00 price target (up previously from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. Leerink Partnrs raised shares of Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Finally, Evercore ISI boosted their price objective on shares of Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Eleven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Medtronic has a consensus rating of "Moderate Buy" and a consensus target price of $98.19.

Medtronic Price Performance

Shares of NYSE:MDT opened at $92.91 on Friday. The company's fifty day moving average price is $87.04 and its 200-day moving average price is $87.56. The firm has a market capitalization of $119.16 billion, a price-to-earnings ratio of 25.66, a PEG ratio of 2.41 and a beta of 0.80. Medtronic PLC has a one year low of $78.32 and a one year high of $96.25. 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 (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, topping analysts' consensus estimates of $1.58 by $0.04. The firm had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The business's revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.46 EPS. On average, equities research analysts anticipate 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 was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were issued a $0.71 dividend. This is a positive change from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.06%. Medtronic's dividend payout ratio is presently 78.45%.

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.

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