Global Wealth Management Investment Advisory Inc. Takes Position in Medtronic PLC (NYSE:MDT)

Global Wealth Management Investment Advisory Inc. bought a new position in Medtronic PLC (NYSE:MDT - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 21,641 shares of the medical technology company's stock, valued at approximately $1,945,000.

Several other institutional investors also recently modified their holdings of MDT. Norges Bank purchased a new position in shares of Medtronic during the fourth quarter valued at approximately $1,163,580,000. Raymond James Financial Inc. purchased a new stake in shares of Medtronic in the fourth quarter worth $852,732,000. Beutel Goodman & Co Ltd. bought a new position in shares of Medtronic during the fourth quarter valued at $377,169,000. Invesco Ltd. boosted its stake in Medtronic by 17.8% in the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock worth $1,233,769,000 after purchasing an additional 2,333,600 shares in the last quarter. Finally, Burgundy Asset Management Ltd. purchased a new stake in Medtronic during the 4th quarter valued at about $174,329,000. 82.06% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on MDT shares. Mizuho decreased their target price on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday. Truist Financial decreased their price target on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research note on Friday, April 11th. Royal Bank Of Canada lowered their price target on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. Finally, Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Nine investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Medtronic presently has a consensus rating of "Moderate Buy" and an average price target of $97.87.

Medtronic Stock Performance

MDT traded up $0.22 during midday trading on Friday, reaching $88.50. The company had a trading volume of 2,989,470 shares, compared to its average volume of 6,988,170. The business has a 50-day moving average of $85.21 and a two-hundred day moving average of $86.49. 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 1 year low of $75.96 and a 1 year high of $96.25. The company has a market cap of $113.50 billion, a P/E ratio of 24.45, a P/E/G ratio of 2.39 and a beta of 0.80.

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, topping the consensus estimate of $1.58 by $0.04. The company had revenue of $8.93 billion during 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%. The firm's quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.46 EPS. As a group, equities research analysts predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date of this dividend is Friday, June 27th. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio is presently 78.45%.

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.