Daymark Wealth Partners LLC Purchases 3,221 Shares of Medtronic plc (NYSE:MDT)

Daymark Wealth Partners LLC increased its position in Medtronic plc (NYSE:MDT - Free Report) by 7.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 46,258 shares of the medical technology company's stock after purchasing an additional 3,221 shares during the quarter. Daymark Wealth Partners LLC's holdings in Medtronic were worth $4,157,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings 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 valued at $9,921,367,000 after purchasing an additional 754,395 shares in the last quarter. Capital Research Global Investors lifted its position in shares of Medtronic by 1.8% during the 4th quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company's stock worth $2,652,310,000 after buying an additional 571,700 shares during the period. Geode Capital Management LLC boosted its stake in Medtronic by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company's stock valued at $2,155,085,000 after buying an additional 574,055 shares in the last quarter. Deutsche Bank AG grew its position in Medtronic by 2.1% in the fourth quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company's stock valued at $1,473,278,000 after acquiring an additional 372,168 shares during the period. Finally, Invesco Ltd. raised its stake in Medtronic by 17.8% during the fourth quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock worth $1,233,769,000 after acquiring an additional 2,333,600 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on MDT. Citigroup upgraded shares of Medtronic from a "neutral" rating to a "buy" rating and boosted their target price for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Robert W. Baird cut their price target on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. Mizuho decreased their price objective on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. 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. Finally, Wall Street Zen downgraded Medtronic from a "buy" rating to a "hold" rating in a report on Saturday, May 24th. Nine equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $97.00.

Medtronic Stock Up 0.4%

Shares of MDT opened at $87.38 on Monday. The firm has a market capitalization of $112.07 billion, a price-to-earnings ratio of 26.56, a PEG ratio of 2.22 and a beta of 0.79. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The business's fifty day moving average price is $83.92 and its two-hundred day moving average price is $86.19.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping analysts' consensus estimates of $1.58 by $0.04. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The business had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. During the same period in the previous year, the firm posted $1.46 earnings per share. Medtronic's revenue for the quarter was up 3.9% compared to the same quarter last year. On average, analysts predict 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. Investors of record on Friday, June 27th will be paid a dividend of $0.71 per share. The ex-dividend date is Friday, June 27th. This is a boost from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.25%. Medtronic's payout ratio is 78.45%.

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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