Edgestream Partners L.P. Makes New $325,000 Investment in Medtronic PLC (NYSE:MDT)

Edgestream Partners L.P. purchased a new position in shares of Medtronic PLC (NYSE:MDT - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,621 shares of the medical technology company's stock, valued at approximately $325,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Dunhill Financial LLC increased its position in shares of Medtronic by 17.2% during the 1st quarter. Dunhill Financial LLC now owns 847 shares of the medical technology company's stock valued at $76,000 after purchasing an additional 124 shares during the last quarter. Cidel Asset Management Inc. increased its position in shares of Medtronic by 1.3% during the 1st quarter. Cidel Asset Management Inc. now owns 9,531 shares of the medical technology company's stock valued at $856,000 after purchasing an additional 126 shares during the last quarter. Petros Family Wealth LLC increased its position in shares of Medtronic by 4.3% during the 1st quarter. Petros Family Wealth LLC now owns 3,111 shares of the medical technology company's stock valued at $280,000 after purchasing an additional 127 shares during the last quarter. Faithward Advisors LLC increased its position in shares of Medtronic by 2.7% during the 4th quarter. Faithward Advisors LLC now owns 5,043 shares of the medical technology company's stock valued at $403,000 after purchasing an additional 134 shares during the last quarter. Finally, L. Roy Papp & Associates LLP increased its position in shares of Medtronic by 2.8% during the 1st quarter. L. Roy Papp & Associates LLP now owns 5,099 shares of the medical technology company's stock valued at $458,000 after purchasing an additional 138 shares during the last quarter. 82.06% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

MDT has been the subject of several analyst reports. Robert W. Baird reduced their target price 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. Citigroup increased their target price on shares of Medtronic from $98.00 to $99.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. William Blair raised shares of Medtronic to a "hold" rating in a report on Friday, July 11th. Leerink Partners initiated coverage on shares of Medtronic in a report on Monday, June 16th. They issued an "outperform" rating and a $110.00 target price for the company. Finally, Wolfe Research raised shares of Medtronic from an "underperform" rating to a "peer perform" rating in a report on Monday, June 30th. Eleven equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Medtronic currently has a consensus rating of "Moderate Buy" and a consensus price target of $98.19.

Medtronic Price Performance

MDT opened at $89.63 on Monday. The business's 50-day moving average is $86.41 and its two-hundred day moving average is $87.23. Medtronic PLC has a 1 year low of $78.32 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. The firm has a market capitalization of $114.95 billion, a PE ratio of 24.76, a price-to-earnings-growth ratio of 2.33 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. During the same quarter in the prior year, the company posted $1.46 earnings per share. The company's revenue for the quarter was up 3.9% compared to the same quarter last year. Research analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were paid a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.17%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio (DPR) is presently 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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