Cary Street Partners Financial LLC Has $7.39 Million Stake in Medtronic PLC (NYSE:MDT)

Key Points

• Cary Street Partners Financial LLC increased its stake in Medtronic PLC by 74.0%, owning 82,278 shares valued at approximately $7.39 million after the purchase of an additional 34,992 shares.
• Medtronic recently reported $8.93 billion in quarterly revenue, surpassing estimates, with an earnings per share (EPS) of $1.62, above the consensus of $1.58.
• The company declared a quarterly dividend of $0.71 per share, representing a yield of 3.2%, which is an increase from the previous dividend of $0.70.

Cary Street Partners Financial LLC increased its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 74.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 82,278 shares of the medical technology company's stock after buying an additional 34,992 shares during the period. Cary Street Partners Financial LLC's holdings in Medtronic were worth $7,393,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Burkett Financial Services LLC boosted its holdings in shares of Medtronic by 185.0% in 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 in the last quarter. Wood Tarver Financial Group LLC bought a new stake in Medtronic in the 4th quarter worth approximately $27,000. Columbia River Financial Group LLC bought a new stake in Medtronic during the 1st quarter valued at approximately $28,000. Optiver Holding B.V. purchased a new position in Medtronic in the fourth quarter worth about $31,000. Finally, Hughes Financial Services LLC purchased a new position in shares of Medtronic during the first quarter valued at $32,000. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Up 2.1%

Shares of NYSE:MDT traded up $1.87 during trading on Thursday, reaching $91.23. 7,685,043 shares of the company traded hands, compared to its average volume of 6,912,314. The firm has a market cap of $116.94 billion, a P/E ratio of 25.20, a price-to-earnings-growth ratio of 2.32 and a beta of 0.80. The firm has a fifty day simple moving average of $88.45 and a 200 day simple moving average of $87.90. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Medtronic PLC has a 1-year low of $79.29 and a 1-year high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last announced 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 14.54% and a net margin of 13.90%. The company's revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.46 earnings per share. Analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Friday, June 27th. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's payout ratio is 78.45%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on MDT shares. Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Morgan Stanley reiterated an "overweight" rating and issued a $107.00 target price (up previously from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. Evercore ISI lifted their price objective on shares of Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Royal Bank Of Canada lowered their target price on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. Finally, William Blair raised Medtronic to a "hold" rating in a report on Friday, July 11th. Eleven analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Medtronic currently has a consensus rating of "Moderate Buy" and an average target price of $98.19.

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.