Dakota Wealth Management Increases Stock Position in Medtronic PLC (NYSE:MDT)

Dakota Wealth Management increased its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 41.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 71,305 shares of the medical technology company's stock after buying an additional 20,918 shares during the period. Dakota Wealth Management's holdings in Medtronic were worth $6,408,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Medtronic by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company's stock worth $9,921,367,000 after acquiring an additional 754,395 shares during the period. Capital Research Global Investors raised its position in Medtronic by 1.8% during the fourth quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company's stock worth $2,652,310,000 after acquiring an additional 571,700 shares during the period. Geode Capital Management LLC raised its position in Medtronic by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company's stock worth $2,155,085,000 after acquiring an additional 574,055 shares during the period. Bank of New York Mellon Corp raised its position in Medtronic by 3.8% during the first quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company's stock worth $1,858,332,000 after acquiring an additional 756,192 shares during the period. Finally, Deutsche Bank AG raised its position in Medtronic by 2.1% during the fourth quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company's stock worth $1,473,278,000 after acquiring an additional 372,168 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

Medtronic stock opened at $89.73 on Tuesday. Medtronic PLC has a 12-month low of $76.68 and a 12-month high of $96.25. The stock has a market cap of $115.08 billion, a P/E ratio of 24.79, a PEG ratio of 2.33 and a beta of 0.80. The company has a 50-day moving average price of $85.89 and a 200 day moving average price of $86.96. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (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 analysts' expectations of $8.81 billion. During the same period last year, the business earned $1.46 earnings per share. Medtronic's revenue was up 3.9% compared to the same quarter last year. Sell-side analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors 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 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend was Friday, June 27th. Medtronic's dividend payout ratio (DPR) is presently 78.45%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Wall Street Zen upgraded shares of Medtronic from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Evercore ISI upped 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. Mizuho reduced their target price on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Leerink Partners began coverage on shares of Medtronic in a research report on Monday, June 16th. They issued an "outperform" rating and a $110.00 target price for the company. Finally, Truist Financial reduced 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. Ten research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $97.47.

About Medtronic

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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