Elevation Point Wealth Partners LLC Raises Stock Holdings in Medtronic plc (NYSE:MDT)

Elevation Point Wealth Partners LLC boosted its position in shares of Medtronic plc (NYSE:MDT - Free Report) by 54.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 15,291 shares of the medical technology company's stock after purchasing an additional 5,368 shares during the quarter. Elevation Point Wealth Partners LLC's holdings in Medtronic were worth $1,374,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Mainstream Capital Management LLC bought a new position in Medtronic during the 4th quarter worth about $26,000. Burkett Financial Services LLC boosted its position in shares of Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after buying an additional 185 shares during the period. Rakuten Securities Inc. grew its holdings 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 buying an additional 294 shares in 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 and hedge funds.

Medtronic Stock Performance

MDT stock traded up $0.86 during midday trading on Monday, reaching $88.13. 1,936,692 shares of the company's stock traded hands, compared to its average volume of 6,867,203. The firm has a market capitalization of $113.03 billion, a PE ratio of 26.75, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. The company has a 50-day moving average price of $84.21 and a two-hundred day moving average price of $86.26. 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.

Medtronic (NYSE:MDT - Get Free Report) last issued 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. The company had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. Medtronic's revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.46 earnings per share. As a group, equities analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be given a dividend of $0.71 per share. This is an increase from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.22%. Medtronic's dividend payout ratio (DPR) is presently 78.45%.

Analysts Set New Price Targets

MDT has been the topic of a number of recent research reports. Royal Bank of Canada lowered their price objective on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. Leerink Partners began coverage on shares of Medtronic in a research note on Monday. They issued an "outperform" rating and a $110.00 price target on the stock. UBS Group increased their price objective on shares of Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Citigroup upgraded Medtronic from a "neutral" rating to a "buy" rating and raised their price objective for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Finally, Robert W. Baird dropped their target price on Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Nine research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Medtronic currently has a consensus 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.