Davidson Investment Advisors Raises Stake in Medtronic PLC (NYSE:MDT)

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

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Burkett Financial Services LLC lifted its stake 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 acquiring an additional 185 shares during the last quarter. Rakuten Securities Inc. increased its position in shares of Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after acquiring an additional 294 shares in the last quarter. Wood Tarver Financial Group LLC bought a new stake in Medtronic during the 4th quarter worth approximately $27,000. Columbia River Financial Group LLC bought a new stake in Medtronic during the first quarter worth $28,000. Finally, Optiver Holding B.V. bought a new stake in shares of Medtronic in the 4th quarter worth $31,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MDT. Royal Bank Of Canada reduced their price objective on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Mizuho cut their price objective on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Wolfe Research upgraded shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. Truist Financial dropped their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research note on Friday, April 11th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Nine research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $97.47.

Medtronic Stock Up 0.4%

Shares of NYSE:MDT traded up $0.39 during trading on Thursday, reaching $89.39. 7,938,684 shares of the stock traded hands, compared to its average volume of 6,996,698. The stock has a 50-day moving average of $85.54 and a two-hundred day moving average of $86.71. Medtronic PLC has a 52-week low of $76.33 and a 52-week 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 has a market cap of $114.65 billion, a P/E ratio of 24.69, a price-to-earnings-growth ratio of 2.39 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating the consensus estimate of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The company had revenue of $8.93 billion for the quarter, compared to analysts' expectations of $8.81 billion. During the same period last year, the firm posted $1.46 earnings per share. Medtronic's revenue was up 3.9% compared to the same quarter last year. As a group, sell-side 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 will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.18%. This is a boost from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. Medtronic's dividend payout ratio (DPR) 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.