Medtronic PLC (NYSE:MDT) Shares Acquired by Forum Financial Management LP

Forum Financial Management LP raised its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 46.1% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 18,622 shares of the medical technology company's stock after purchasing an additional 5,880 shares during the period. Forum Financial Management LP's holdings in Medtronic were worth $1,673,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Burkett Financial Services LLC raised 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 buying an additional 185 shares in the last quarter. Columbia River Financial Group LLC purchased a new stake in shares of Medtronic during the 1st quarter valued at about $28,000. Wood Tarver Financial Group LLC purchased a new stake in shares of Medtronic during the 4th quarter valued at about $27,000. Hughes Financial Services LLC purchased a new stake in shares of Medtronic during the 1st quarter valued at about $32,000. Finally, Optiver Holding B.V. purchased a new stake in shares of Medtronic during the 4th quarter valued at about $31,000. Institutional investors own 82.06% of the company's stock.

Medtronic Price Performance

Shares of NYSE MDT traded down $0.17 during midday trading on Thursday, hitting $89.61. The company had a trading volume of 6,951,657 shares, compared to its average volume of 7,033,245. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Medtronic PLC has a twelve month low of $78.32 and a twelve month high of $96.25. The business has a 50-day simple moving average of $86.16 and a two-hundred day simple moving average of $86.99. The firm has a market capitalization of $114.93 billion, a price-to-earnings ratio of 24.75, a price-to-earnings-growth ratio of 2.33 and a beta of 0.80.

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, topping analysts' consensus estimates of $1.58 by $0.04. The company had revenue of $8.93 billion during the quarter, compared to analysts' expectations 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 quarter in the previous year, the business posted $1.46 earnings per share. Equities research analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were 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 yield of 3.17%. The ex-dividend date of this dividend was Friday, June 27th. Medtronic's payout ratio is currently 78.45%.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Wall Street Zen raised shares of Medtronic from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Morgan Stanley reissued an "overweight" rating and set a $107.00 target price (up previously from $98.00) on shares of Medtronic in a report on Tuesday. Mizuho raised their target price on shares of Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a report on Wednesday. Finally, Truist Financial cut their price objective on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a report on Friday, April 11th. Eleven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $98.19.

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.