Financial Advisors Network Inc. Purchases Shares of 5,588 Medtronic PLC $MDT

Key Points

• Financial Advisors Network Inc. has acquired 5,588 shares of Medtronic PLC, valued at approximately $502,000, as reported in a recent 13F filing.
• Medtronic's quarterly dividend of $0.71 is set to be paid on October 17th, representing an annual yield of 3.1%.
• Analysts have varying ratings on Medtronic, with a consensus price target of $98.19 and ratings ranging from “strong buy” to “hold”.

Financial Advisors Network Inc. purchased a new stake in Medtronic PLC (NYSE:MDT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 5,588 shares of the medical technology company's stock, valued at approximately $502,000.

Several other institutional investors have also added to or reduced their stakes in the company. Commerce Bank increased its holdings in shares of Medtronic by 1.7% during the first quarter. Commerce Bank now owns 145,984 shares of the medical technology company's stock worth $13,118,000 after purchasing an additional 2,429 shares during the period. Brighton Jones LLC boosted its position in shares of Medtronic by 1,368.0% during the 4th 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 in the last quarter. Oxford Asset Management LLP boosted its position in shares of Medtronic by 70.1% during the 4th quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company's stock worth $594,000 after acquiring an additional 3,068 shares in the last quarter. New Vernon Investment Management LLC boosted its position in shares of 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 worth $2,425,000 after acquiring an additional 22,300 shares in the last quarter. Finally, Insight Inv LLC raised its holdings in shares of Medtronic by 84.2% during the 1st quarter. Insight Inv LLC now owns 27,456 shares of the medical technology company's stock worth $2,467,000 after buying an additional 12,550 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on MDT shares. Royal Bank Of Canada lowered their price target on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Leerink Partners initiated coverage on shares of Medtronic in a research report on Monday, June 16th. They issued an "outperform" rating and a $110.00 target price on the stock. Evercore ISI raised their target price on shares of Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Morgan Stanley restated an "overweight" rating and issued a $107.00 target price (up previously from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. Finally, BTIG Research restated a "neutral" rating on shares of Medtronic in a research report on Friday, July 11th. Twelve investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Medtronic currently has an average rating of "Moderate Buy" and a consensus price target of $98.19.

Medtronic Trading Up 1.1%

NYSE MDT opened at $92.98 on Monday. The firm has a market capitalization of $119.18 billion, a PE ratio of 25.69, a price-to-earnings-growth ratio of 2.42 and a beta of 0.80. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. Medtronic PLC has a 12 month low of $79.29 and a 12 month high of $96.25. The business's 50-day moving average price is $89.32 and its two-hundred day moving average price is $87.96.

Medtronic (NYSE:MDT - Get Free Report) last released 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 business had revenue of $8.93 billion for 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%. 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 business earned $1.46 earnings per share. On average, analysts expect that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, September 26th will be issued a $0.71 dividend. The ex-dividend date is Friday, September 26th. This represents a $2.84 annualized dividend and a yield of 3.1%. Medtronic's payout ratio is presently 78.45%.

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.

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