Corundum Group Inc. Cuts Stock Holdings in Medtronic PLC (NYSE:MDT)

Corundum Group Inc. decreased its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 49.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 8,031 shares of the medical technology company's stock after selling 7,996 shares during the quarter. Corundum Group Inc.'s holdings in Medtronic were worth $722,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Mainstream Capital Management LLC purchased a new position in shares of Medtronic during the fourth quarter worth about $26,000. Burkett Financial Services LLC lifted its position in Medtronic by 185.0% during the first 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. Rakuten Securities Inc. grew its stake in Medtronic by 753.8% in 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 in the last quarter. Wood Tarver Financial Group LLC purchased a new position in Medtronic in the 4th quarter worth approximately $27,000. Finally, Optiver Holding B.V. bought a new position in shares of Medtronic in the 4th quarter worth $31,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MDT. Truist Financial reduced 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. Robert W. Baird dropped their price target on Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research report on Thursday, May 22nd. Wall Street Zen raised shares of Medtronic from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Leerink Partnrs raised shares of Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. Finally, Needham & Company LLC restated a "hold" rating on shares of Medtronic in a report on Friday, June 6th. Eight investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $97.87.

Medtronic Stock Up 0.5%

Shares of MDT stock traded up $0.44 during mid-day trading on Thursday, hitting $86.41. The company's stock had a trading volume of 10,821,631 shares, compared to its average volume of 6,963,939. The stock has a market cap of $110.83 billion, a price-to-earnings ratio of 23.87, a PEG ratio of 2.32 and a beta of 0.79. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. Medtronic PLC has a 52-week low of $75.96 and a 52-week high of $96.25. The business has a 50-day moving average price of $84.67 and a 200 day moving average price of $86.29.

Medtronic (NYSE:MDT - Get Free Report) last posted its 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. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The business had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. During the same quarter in the previous year, the firm posted $1.46 EPS. The firm's revenue was up 3.9% on a year-over-year basis. Research analysts predict 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 paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 3.29%. The ex-dividend date of this dividend is Friday, June 27th. This is a boost from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio is 77.35%.

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.