Geneos Wealth Management Inc. Acquires 2,744 Shares of Medtronic PLC (NYSE:MDT)

Key Points

• Geneos Wealth Management Inc. increased its stake in Medtronic PLC by 4.4%, acquiring an additional 2,744 shares for a total of 65,002 shares valued at $5.84 million.
• Medtronic announced a quarterly dividend increase to $0.71 per share, reflecting a 3.10% yield, up from $0.70 previously.
• Analysts have recently issued mixed ratings on Medtronic, with reports indicating it holds a consensus rating of "Moderate Buy" and a target price of $98.19.

Geneos Wealth Management Inc. grew its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 4.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 65,002 shares of the medical technology company's stock after buying an additional 2,744 shares during the quarter. Geneos Wealth Management Inc.'s holdings in Medtronic were worth $5,841,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Burkett Financial Services LLC raised its holdings in Medtronic by 185.0% during 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 during the period. Wood Tarver Financial Group LLC bought a new stake in Medtronic during the fourth quarter valued at about $27,000. Columbia River Financial Group LLC bought a new stake in Medtronic during the first quarter valued at about $28,000. Optiver Holding B.V. bought a new stake in Medtronic during the fourth quarter valued at about $31,000. Finally, Hughes Financial Services LLC bought a new stake in Medtronic during the first quarter valued at about $32,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Trading Down 1.0%

NYSE MDT traded down $0.93 during trading on Friday, hitting $89.31. The stock had a trading volume of 6,507,377 shares, compared to its average volume of 7,694,207. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The stock has a market capitalization of $114.54 billion, a price-to-earnings ratio of 24.67, a P/E/G ratio of 2.38 and a beta of 0.80. Medtronic PLC has a one year low of $79.29 and a one year high of $96.25. The stock has a 50 day simple moving average of $87.59 and a 200 day simple moving average of $87.80.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The firm had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. During the same quarter in the previous year, the firm posted $1.46 earnings per share. The company's revenue was up 3.9% on a year-over-year basis. Sell-side analysts predict that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were paid a dividend of $0.71 per share. This is a boost from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Friday, June 27th. Medtronic's payout ratio is presently 78.45%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. Citigroup raised their price objective on Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Leerink Partners assumed coverage on Medtronic in a research report on Monday, June 16th. They set an "outperform" rating and a $110.00 price objective for the company. William Blair upgraded Medtronic to a "hold" rating in a research report on Friday, July 11th. Finally, Royal Bank Of Canada cut their price objective on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Eleven research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target 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.