Davidson Investment Advisors Increases Stock Holdings in Medtronic PLC (NYSE:MDT)

Davidson Investment Advisors boosted its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 3.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 373,039 shares of the medical technology company's stock after acquiring an additional 11,017 shares during the period. Medtronic accounts for about 1.7% of Davidson Investment Advisors' holdings, making the stock its 12th biggest position. Davidson Investment Advisors' holdings in Medtronic were worth $33,521,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of MDT. Norges Bank purchased a new position in Medtronic during the fourth quarter worth about $1,163,580,000. Beutel Goodman & Co Ltd. purchased a new position in shares of Medtronic during the fourth quarter worth about $377,169,000. Invesco Ltd. increased its position in shares of Medtronic by 17.8% in the fourth quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock worth $1,233,769,000 after purchasing an additional 2,333,600 shares during the last quarter. Burgundy Asset Management Ltd. purchased a new stake in Medtronic in the fourth quarter valued at approximately $174,329,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Medtronic in the 4th quarter worth approximately $139,869,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MDT has been the subject of a number of research analyst reports. Royal Bank Of Canada dropped their price objective 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. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a report on Friday, June 6th. Wall Street Zen upgraded shares of Medtronic from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Finally, Truist Financial lowered their price objective on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a report on Friday, April 11th. Nine 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. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $97.87.

Medtronic Trading Up 0.2%

Shares of MDT stock opened at $88.50 on Monday. The stock has a market capitalization of $113.50 billion, a P/E ratio of 24.45, a P/E/G ratio of 2.39 and a beta of 0.80. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. The firm's 50 day moving average is $85.30 and its 200 day moving average is $86.63. Medtronic PLC has a 12-month low of $75.96 and a 12-month high of $96.25.

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. The company had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The firm's revenue was up 3.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.46 EPS. Research analysts expect that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.21%. The ex-dividend date of this dividend is Friday, June 27th. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio is 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.

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