Daymark Wealth Partners LLC Raises Position in Medtronic PLC (NYSE:MDT)

Daymark Wealth Partners LLC lifted its position in Medtronic PLC (NYSE:MDT - Free Report) by 7.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 46,258 shares of the medical technology company's stock after buying an additional 3,221 shares during the quarter. Daymark Wealth Partners LLC's holdings in Medtronic were worth $4,157,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the stock. Mainstream Capital Management LLC acquired a new stake in Medtronic in the 4th quarter valued at approximately $26,000. Burkett Financial Services LLC grew its holdings in 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 buying an additional 185 shares during the last quarter. Rakuten Securities Inc. grew its holdings in Medtronic by 753.8% in the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock valued at $27,000 after buying an additional 294 shares during the last quarter. Wood Tarver Financial Group LLC acquired a new stake in Medtronic in the 4th quarter valued at approximately $27,000. Finally, Optiver Holding B.V. acquired a new stake in Medtronic in the 4th quarter valued at approximately $31,000. 82.06% of the stock is currently owned by institutional investors.

Medtronic Trading Up 0.0%

Shares of MDT traded up $0.01 during midday trading on Friday, hitting $86.19. The stock had a trading volume of 10,133,590 shares, compared to its average volume of 6,972,298. The firm has a market cap of $110.54 billion, a PE ratio of 23.81, a price-to-earnings-growth ratio of 2.33 and a beta of 0.79. The stock's 50 day moving average is $84.82 and its 200 day moving average is $86.33. Medtronic PLC has a 1 year low of $75.96 and a 1 year high of $96.25. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results 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 business had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. During the same period in the previous year, the company earned $1.46 earnings per share. The business's revenue for the quarter was up 3.9% on a year-over-year basis. As a group, analysts forecast that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.29%. This is a positive change 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 77.35%.

Analyst Ratings Changes

Several analysts recently commented on the company. Leerink Partners assumed coverage on Medtronic in a research note on Monday, June 16th. They issued an "outperform" rating and a $110.00 price target on the stock. Truist Financial decreased their price target 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 decreased their price target on Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research note on Thursday, May 22nd. Royal Bank Of Canada decreased their price target on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Finally, Leerink Partnrs raised Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Eight research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Medtronic currently has an average rating of "Moderate Buy" and an average target price of $97.87.

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.