Fifth Third Bancorp raised its holdings in Medtronic plc (NYSE:MDT - Free Report) by 3.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 198,673 shares of the medical technology company's stock after buying an additional 7,205 shares during the quarter. Fifth Third Bancorp's holdings in Medtronic were worth $17,853,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the stock. Burkett Financial Services LLC grew its stake in Medtronic by 185.0% in the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after purchasing an additional 185 shares in the last quarter. Mainstream Capital Management LLC acquired a new stake in Medtronic during the fourth quarter valued at approximately $26,000. Rakuten Securities Inc. raised its holdings in Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after buying an additional 294 shares during the period. Wood Tarver Financial Group LLC purchased a new stake in shares of Medtronic in the fourth quarter worth approximately $27,000. Finally, Optiver Holding B.V. purchased a new stake in shares of Medtronic during the fourth quarter worth $31,000. Institutional investors and hedge funds own 82.06% of the company's stock.
Analyst Ratings Changes
A number of equities analysts have recently commented on the stock. UBS Group lifted their price target on shares of Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Royal Bank of Canada lowered their price target on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Mizuho decreased their price objective on Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. Finally, Robert W. Baird cut 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. Nine research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $97.00.
Check Out Our Latest Analysis on Medtronic
Medtronic Stock Down 1.5%
NYSE:MDT traded down $1.30 during trading hours on Friday, reaching $87.19. 6,008,318 shares of the stock were exchanged, compared to its average volume of 6,874,071. The stock has a market cap of $111.83 billion, a PE ratio of 26.50, a PEG ratio of 2.22 and a beta of 0.79. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $96.25. The firm has a 50 day moving average of $84.10 and a 200 day moving average of $86.25. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39.
Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The business's quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.46 earnings per share. On average, equities analysts expect that Medtronic plc will post 5.46 earnings per share for the current year.
Medtronic Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be paid a dividend of $0.71 per share. This is an increase from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a dividend yield of 3.26%. The ex-dividend date is Friday, June 27th. Medtronic's payout ratio is currently 78.45%.
About Medtronic
(
Free Report)
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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