Diversify Wealth Management LLC Grows Stake in Medtronic PLC (NYSE:MDT)

Diversify Wealth Management LLC grew its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 12.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,333 shares of the medical technology company's stock after purchasing an additional 5,529 shares during the period. Diversify Wealth Management LLC's holdings in Medtronic were worth $4,343,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Burkett Financial Services LLC lifted its holdings in shares of Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after acquiring an additional 185 shares during the last quarter. Rakuten Securities Inc. lifted its holdings in shares of Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after acquiring an additional 294 shares during the last quarter. Wood Tarver Financial Group LLC bought a new stake in shares of Medtronic during the 4th quarter worth $27,000. Columbia River Financial Group LLC bought a new stake in shares of Medtronic during the 1st quarter worth $28,000. Finally, Optiver Holding B.V. bought a new stake in shares of Medtronic during the 4th quarter worth $31,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on MDT. Truist Financial dropped 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. Leerink Partnrs raised shares of Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Evercore ISI boosted their price target on shares of Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a research note on Tuesday. Mizuho lowered their price target on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Finally, Leerink Partners initiated coverage on shares of Medtronic in a research note on Monday, June 16th. They issued an "outperform" rating and a $110.00 price target for the company. Nine research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Medtronic currently has a consensus rating of "Moderate Buy" and a consensus target price of $97.47.

Medtronic Price Performance

MDT stock opened at $89.39 on Friday. Medtronic PLC has a 1 year low of $76.68 and a 1 year high of $96.25. The company has a market cap of $114.65 billion, a P/E ratio of 24.69, a PEG ratio of 2.40 and a beta of 0.80. The firm has a 50-day moving average of $85.66 and a 200 day moving average of $86.76. 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 analysts' consensus estimates of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The company had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. During the same period in the prior year, the firm earned $1.46 earnings per share. Medtronic's revenue was up 3.9% on a year-over-year basis. On average, sell-side analysts forecast that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The firm 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 $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date of this dividend is Friday, June 27th. This is a boost 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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