City National Bank of Florida MSD Makes New Investment in Medtronic PLC (NYSE:MDT)

City National Bank of Florida MSD purchased a new position in Medtronic PLC (NYSE:MDT - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 3,799 shares of the medical technology company's stock, valued at approximately $341,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Dunhill Financial LLC grew its position in Medtronic by 17.2% during the first quarter. Dunhill Financial LLC now owns 847 shares of the medical technology company's stock valued at $76,000 after buying an additional 124 shares during the period. Cidel Asset Management Inc. grew its position in Medtronic by 1.3% during the first quarter. Cidel Asset Management Inc. now owns 9,531 shares of the medical technology company's stock valued at $856,000 after buying an additional 126 shares during the period. Petros Family Wealth LLC grew its position in Medtronic by 4.3% during the first quarter. Petros Family Wealth LLC now owns 3,111 shares of the medical technology company's stock valued at $280,000 after buying an additional 127 shares during the period. Faithward Advisors LLC grew its position in Medtronic by 2.7% during the fourth quarter. Faithward Advisors LLC now owns 5,043 shares of the medical technology company's stock valued at $403,000 after buying an additional 134 shares during the period. Finally, L. Roy Papp & Associates LLP lifted its holdings in Medtronic by 2.8% during the first quarter. L. Roy Papp & Associates LLP now owns 5,099 shares of the medical technology company's stock valued at $458,000 after purchasing an additional 138 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Truist Financial reduced their target price on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research note on Friday, April 11th. Evercore ISI raised their price target on shares of Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. BTIG Research restated a "neutral" rating on shares of Medtronic in a report on Friday, July 11th. Morgan Stanley restated an "overweight" rating and set a $107.00 price target (up previously from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. Finally, Royal Bank Of Canada cut their price target on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Eleven equities research 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 stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $98.19.

Medtronic Trading Up 0.6%

Medtronic stock traded up $0.59 during trading on Friday, reaching $92.91. The company had a trading volume of 5,264,531 shares, compared to its average volume of 7,082,213. Medtronic PLC has a 12-month low of $78.32 and a 12-month high of $96.25. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The stock's 50 day moving average price is $87.04 and its two-hundred day moving average price is $87.53. The firm has a market capitalization of $119.16 billion, a price-to-earnings ratio of 25.66, a PEG ratio of 2.40 and a beta of 0.80.

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 the consensus estimate of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The firm had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. During the same quarter in the prior year, the business posted $1.46 earnings per share. Medtronic's revenue for the quarter was up 3.9% compared to the same quarter last year. As a group, equities analysts expect that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were given 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 3.06%. The ex-dividend date of this dividend was Friday, June 27th. Medtronic's payout ratio is presently 78.45%.

Medtronic 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.