Envestnet Asset Management Inc. Boosts Stock Position in Medtronic PLC (NYSE:MDT)

Envestnet Asset Management Inc. raised its stake in Medtronic PLC (NYSE:MDT - Free Report) by 20.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,269,066 shares of the medical technology company's stock after acquiring an additional 881,640 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.41% of Medtronic worth $473,478,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Brighton Jones LLC raised its position in shares of Medtronic by 1,368.0% in the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock worth $3,194,000 after acquiring an additional 37,265 shares during the period. Proficio Capital Partners LLC purchased a new position in shares of Medtronic in the 4th quarter valued at about $13,132,000. Vestmark Advisory Solutions Inc. raised its holdings in Medtronic by 33.1% in the 4th quarter. Vestmark Advisory Solutions Inc. now owns 4,408 shares of the medical technology company's stock worth $352,000 after purchasing an additional 1,095 shares during the period. Ashton Thomas Private Wealth LLC boosted its position in Medtronic by 68.5% during the fourth quarter. Ashton Thomas Private Wealth LLC now owns 22,576 shares of the medical technology company's stock worth $1,819,000 after purchasing an additional 9,181 shares in the last quarter. Finally, Andra AP fonden boosted its position in Medtronic by 153.3% during the fourth quarter. Andra AP fonden now owns 46,929 shares of the medical technology company's stock worth $3,749,000 after purchasing an additional 28,400 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Trading Down 0.7%

Medtronic stock traded down $0.66 during mid-day trading on Monday, hitting $87.73. The company's stock had a trading volume of 7,217,285 shares, compared to its average volume of 6,999,557. The stock's fifty day moving average is $85.30 and its two-hundred day moving average is $86.63. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $112.52 billion, a PE ratio of 24.23, a price-to-earnings-growth ratio of 2.39 and a beta of 0.80. Medtronic PLC has a 1 year low of $75.96 and a 1 year high of $96.25.

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 for the quarter, topping analysts' consensus estimates of $1.58 by $0.04. The business had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The company's revenue was up 3.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.46 EPS. On average, analysts anticipate that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.24%. This is an increase from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. Medtronic's payout ratio is 78.45%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Robert W. Baird reduced their target price on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Truist Financial reduced their price objective on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research report on Friday, April 11th. Royal Bank Of Canada dropped their target price on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. Leerink Partners initiated coverage on shares of Medtronic in a research note on Monday, June 16th. They set 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 research note on Monday, June 30th. Nine research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $97.87.

Medtronic Company 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.