Frank Rimerman Advisors LLC grew its position in Medtronic PLC (NYSE:MDT - Free Report) by 83.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,294 shares of the medical technology company's stock after acquiring an additional 3,316 shares during the quarter. Frank Rimerman Advisors LLC's holdings in Medtronic were worth $655,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in MDT. Burkett Financial Services LLC lifted its position in shares of Medtronic by 185.0% in the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after acquiring an additional 185 shares in the last quarter. Wood Tarver Financial Group LLC acquired a new position in shares of Medtronic during the 4th quarter worth approximately $27,000. Columbia River Financial Group LLC acquired a new position in shares of Medtronic during the 1st quarter worth approximately $28,000. Optiver Holding B.V. acquired a new position in shares of Medtronic during the 4th quarter worth approximately $31,000. Finally, Hughes Financial Services LLC acquired a new position in shares of Medtronic during the 1st quarter worth approximately $32,000. Hedge funds and other institutional investors own 82.06% of the company's stock.
Medtronic Stock Up 1.9%
NYSE:MDT opened at $92.94 on Monday. 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 stock's fifty day moving average is $88.65 and its two-hundred day moving average is $87.92. Medtronic PLC has a 52 week low of $79.29 and a 52 week high of $96.25. The stock has a market capitalization of $119.13 billion, a price-to-earnings ratio of 25.67, a price-to-earnings-growth ratio of 2.41 and a beta of 0.80.
Medtronic (NYSE:MDT - Get Free Report) last released 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 company had revenue of $8.93 billion for the quarter, compared to analysts' expectations of $8.81 billion. During the same period in the prior year, the firm earned $1.46 earnings per share. The firm's revenue was up 3.9% compared to the same quarter last year. Research analysts anticipate that Medtronic PLC will post 5.46 EPS for the current year.
Medtronic Increases Dividend
The business also recently disclosed 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 is an increase from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.1%. 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 brokerages have recently weighed in on MDT. William Blair upgraded Medtronic to a "hold" rating in a report on Friday, July 11th. Mizuho boosted their target price on Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Leerink Partners began coverage on Medtronic in a report on Monday, June 16th. They set an "outperform" rating and a $110.00 target price on the stock. Citigroup boosted their target price on Medtronic from $98.00 to $99.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Finally, Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a report on Monday, June 30th. Twelve equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Medtronic currently has an average rating of "Moderate Buy" and a consensus price target of $98.19.
Get Our Latest Analysis on Medtronic
Medtronic Company Profile
(
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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