FDx Advisors Inc. Takes $294,000 Position in Medtronic PLC (NYSE:MDT)

FDx Advisors Inc. acquired a new stake in Medtronic PLC (NYSE:MDT - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 3,269 shares of the medical technology company's stock, valued at approximately $294,000.

A number of other institutional investors also recently made changes to their positions in the business. TCTC Holdings LLC boosted its position in Medtronic by 3.4% during the 4th quarter. TCTC Holdings LLC now owns 39,718 shares of the medical technology company's stock valued at $3,173,000 after buying an additional 1,301 shares during the period. Brighton Jones LLC boosted its position in Medtronic by 1,368.0% during the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after buying an additional 37,265 shares during the period. Oxford Asset Management LLP boosted its position in Medtronic by 70.1% during the 4th quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company's stock valued at $594,000 after buying an additional 3,068 shares during the period. New Vernon Investment Management LLC boosted its position in Medtronic by 304.9% during the 4th quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company's stock valued at $2,425,000 after buying an additional 22,300 shares during the period. Finally, Insight Inv LLC boosted its position in Medtronic by 84.2% during the 1st quarter. Insight Inv LLC now owns 27,456 shares of the medical technology company's stock valued at $2,467,000 after buying an additional 12,550 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Stock Performance

Shares of NYSE MDT opened at $90.02 on Friday. The firm has a 50 day moving average of $85.77 and a 200 day moving average of $86.86. 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 $115.45 billion, a price-to-earnings ratio of 24.87, a price-to-earnings-growth ratio of 2.33 and a beta of 0.80. Medtronic PLC has a 12-month low of $76.68 and a 12-month high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results 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. The company had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The firm's quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.46 earnings per share. On average, research analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were issued a dividend of $0.71 per share. The ex-dividend date was Friday, June 27th. This represents a $2.84 annualized dividend and a yield of 3.15%. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's payout ratio is currently 78.45%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Leerink Partners assumed coverage on shares of Medtronic in a research report on Monday, June 16th. They issued an "outperform" rating and a $110.00 target price for the company. Truist Financial dropped their target price 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. Robert W. Baird dropped their target price on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research note on Thursday, May 22nd. Wall Street Zen upgraded shares of Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Finally, Leerink Partnrs upgraded shares of Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Nine analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $97.47.

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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