Commonwealth Equity Services LLC Purchases 65,763 Shares of Medtronic PLC (NYSE:MDT)

Key Points

• Commonwealth Equity Services LLC increased its holdings in Medtronic PLC by 7.4%, acquiring an additional 65,763 shares and bringing its total ownership to 959,931 shares valued at approximately $86.26 million.
• Medtronic recently declared a quarterly dividend of $0.71 per share, an increase from the previous $0.70, with an annualized dividend yield of 3.2%.
• Analysts have varying opinions on Medtronic's stock, with eleven analysts rating it as hold, ten as buy, and two as strong buy, reflecting a consensus average rating of "Moderate Buy."

Commonwealth Equity Services LLC boosted its position in Medtronic PLC (NYSE:MDT - Free Report) by 7.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 959,931 shares of the medical technology company's stock after purchasing an additional 65,763 shares during the period. Commonwealth Equity Services LLC owned about 0.07% of Medtronic worth $86,259,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. 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 valued at $26,000 after purchasing an additional 185 shares during the last quarter. Columbia River Financial Group LLC acquired a new position in Medtronic in the 1st quarter worth $28,000. Wood Tarver Financial Group LLC acquired a new position in Medtronic in the 4th quarter worth $27,000. Hughes Financial Services LLC bought a new stake in shares of Medtronic in the 1st quarter worth about $32,000. Finally, Optiver Holding B.V. bought a new stake in shares of Medtronic in the 4th quarter worth about $31,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Stock Performance

Shares of NYSE MDT traded down $0.32 during mid-day trading on Wednesday, reaching $89.35. 5,458,065 shares of the company's stock were exchanged, compared to its average volume of 6,868,726. The firm has a market capitalization of $114.59 billion, a price-to-earnings ratio of 24.68, a price-to-earnings-growth ratio of 2.33 and a beta of 0.80. Medtronic PLC has a 52 week low of $79.29 and a 52 week 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. The firm has a 50-day moving average price of $88.11 and a two-hundred day moving average price of $87.87.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The business had revenue of $8.93 billion for the quarter, compared to analysts' expectations of $8.81 billion. During the same period in the previous year, the business posted $1.46 EPS. The firm's quarterly revenue was up 3.9% compared to the same quarter last year. Analysts predict that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders 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 yield of 3.2%. The ex-dividend date of this dividend was Friday, June 27th. This is a boost from Medtronic's previous quarterly dividend of $0.70. Medtronic's payout ratio is presently 78.45%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Truist Financial dropped their target price on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research report on Friday, April 11th. BTIG Research reissued a "neutral" rating on shares of Medtronic in a research report on Friday, July 11th. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Morgan Stanley reaffirmed an "overweight" rating and set a $107.00 price objective (up previously from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. Finally, Wolfe Research raised shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. Eleven analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $98.19.

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.