Ferguson Wellman Capital Management Inc. Purchases 7,309 Shares of Medtronic plc (NYSE:MDT)

Ferguson Wellman Capital Management Inc. grew its holdings in shares of Medtronic plc (NYSE:MDT - Free Report) by 7.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 110,113 shares of the medical technology company's stock after purchasing an additional 7,309 shares during the quarter. Ferguson Wellman Capital Management Inc.'s holdings in Medtronic were worth $9,895,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Burkett Financial Services LLC increased its position 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 valued at $26,000 after purchasing an additional 185 shares during the last quarter. Mainstream Capital Management LLC purchased a new stake in Medtronic in the 4th quarter worth about $26,000. Rakuten Securities Inc. increased its holdings in Medtronic by 753.8% in 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 purchased a new stake in Medtronic in the 4th quarter worth about $27,000. Finally, Optiver Holding B.V. purchased a new stake in Medtronic in the 4th quarter worth about $31,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Trading Down 1.5%

Shares of Medtronic stock traded down $1.30 during midday trading on Friday, reaching $87.19. 6,008,318 shares of the company's stock traded hands, compared to its average volume of 6,873,269. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The company has a market cap of $111.83 billion, a PE ratio of 26.50, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. The stock has a 50 day moving average of $84.21 and a 200-day moving average of $86.26. Medtronic plc has a 12 month low of $75.96 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 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.04. The company had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm's revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.46 earnings per share. As a group, equities analysts expect that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The company 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 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 3.26%. Medtronic's dividend payout ratio is 78.45%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. UBS Group lifted their target price on Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a report on Friday, June 6th. Mizuho cut their price objective on Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Royal Bank of Canada cut their price objective on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Finally, Citigroup upgraded Medtronic from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Nine analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $97.00.

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.