FourThought Financial Partners LLC Grows Holdings in Medtronic PLC (NYSE:MDT)

Key Points

• FourThought Financial Partners LLC increased its stake in Medtronic PLC by 33.4% in Q1, acquiring an additional 43,959 shares, bringing its total to 175,503 shares valued at approximately $15.77 million.
• Medtronic recently announced a quarterly dividend of $0.71 per share, a slight increase from the previous $0.70, indicating a 3.06% dividend yield.
• Analysts maintain a generally positive outlook on Medtronic, with the stock receiving an average rating of "Moderate Buy" and a target price of $98.19.

FourThought Financial Partners LLC lifted its position in Medtronic PLC (NYSE:MDT - Free Report) by 33.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 175,503 shares of the medical technology company's stock after buying an additional 43,959 shares during the period. Medtronic makes up about 1.7% of FourThought Financial Partners LLC's portfolio, making the stock its 13th largest position. FourThought Financial Partners LLC's holdings in Medtronic were worth $15,771,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Dunhill Financial LLC boosted its stake in shares of Medtronic by 17.2% in the first quarter. Dunhill Financial LLC now owns 847 shares of the medical technology company's stock valued at $76,000 after purchasing an additional 124 shares during the period. Cidel Asset Management Inc. grew its holdings in Medtronic by 1.3% in the 1st quarter. Cidel Asset Management Inc. now owns 9,531 shares of the medical technology company's stock valued at $856,000 after buying an additional 126 shares during the period. Petros Family Wealth LLC grew its holdings in shares of Medtronic by 4.3% during the 1st quarter. Petros Family Wealth LLC now owns 3,111 shares of the medical technology company's stock worth $280,000 after purchasing an additional 127 shares during the period. Faithward Advisors LLC raised its position in shares of Medtronic by 2.7% in the 4th quarter. Faithward Advisors LLC now owns 5,043 shares of the medical technology company's stock valued at $403,000 after purchasing an additional 134 shares in the last quarter. Finally, L. Roy Papp & Associates LLP increased its position in Medtronic by 2.8% in the first quarter. L. Roy Papp & Associates LLP now owns 5,099 shares of the medical technology company's stock worth $458,000 after buying an additional 138 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Trading Down 0.3%

Shares of MDT traded down $0.32 during trading hours on Wednesday, hitting $92.12. The company had a trading volume of 2,465,615 shares, compared to its average volume of 7,677,012. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The firm has a market cap of $118.15 billion, a P/E ratio of 25.44, a P/E/G ratio of 2.39 and a beta of 0.80. Medtronic PLC has a 52-week low of $78.96 and a 52-week high of $96.25. The stock's 50 day moving average price is $87.26 and its 200 day moving average price is $87.71.

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, topping analysts' consensus estimates of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The firm had revenue of $8.93 billion for the quarter, compared to analysts' expectations of $8.81 billion. During the same period in the previous year, the firm posted $1.46 EPS. The business's revenue for the quarter was up 3.9% compared to the same quarter last year. On average, research analysts predict that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.08%. This is a boost from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, June 27th. Medtronic's dividend payout ratio is currently 78.45%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Mizuho increased their price objective on Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Leerink Partnrs raised Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. Robert W. Baird lowered their target price on 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 raised Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Finally, Wolfe Research raised Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. Eleven analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $98.19.

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.