Golden State Equity Partners Buys Shares of 6,239 Medtronic PLC (NYSE:MDT)

Golden State Equity Partners acquired a new stake in Medtronic PLC (NYSE:MDT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 6,239 shares of the medical technology company's stock, valued at approximately $561,000.

A number of other hedge funds have also added to or reduced their stakes in MDT. Brighton Jones LLC grew its holdings in Medtronic by 1,368.0% during the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock worth $3,194,000 after acquiring an additional 37,265 shares in the last quarter. Pine Valley Investments Ltd Liability Co boosted its stake in shares of Medtronic by 1.9% during the fourth quarter. Pine Valley Investments Ltd Liability Co now owns 9,774 shares of the medical technology company's stock valued at $784,000 after purchasing an additional 184 shares in the last quarter. Illinois Municipal Retirement Fund increased its holdings in Medtronic by 2.7% during the fourth quarter. Illinois Municipal Retirement Fund now owns 159,372 shares of the medical technology company's stock valued at $12,731,000 after buying an additional 4,235 shares during the period. Lake Street Advisors Group LLC raised its stake in Medtronic by 4.5% in the fourth quarter. Lake Street Advisors Group LLC now owns 6,296 shares of the medical technology company's stock worth $507,000 after buying an additional 272 shares in the last quarter. Finally, Advisor OS LLC lifted its holdings in Medtronic by 152.0% during the fourth quarter. Advisor OS LLC now owns 11,800 shares of the medical technology company's stock worth $943,000 after buying an additional 7,118 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Medtronic Price Performance

Shares of NYSE:MDT traded up $0.44 during trading on Thursday, reaching $86.41. The stock had a trading volume of 10,821,631 shares, compared to its average volume of 6,959,052. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. Medtronic PLC has a 1-year low of $75.96 and a 1-year high of $96.25. The stock has a market cap of $110.83 billion, a PE ratio of 23.87, a PEG ratio of 2.32 and a beta of 0.79. The business has a fifty day moving average price of $84.67 and a 200-day moving average price of $86.29.

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 the consensus estimate of $1.58 by $0.04. The company had revenue of $8.93 billion for 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% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.46 EPS. On average, equities analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced 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 3.29%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, June 27th. Medtronic's dividend payout ratio (DPR) is 77.35%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on MDT shares. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Truist Financial dropped their target price on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research note on Friday, April 11th. Robert W. Baird decreased their price target on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Citigroup raised Medtronic from a "neutral" rating to a "buy" rating and raised their price target for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. Finally, Leerink Partners began coverage on shares of Medtronic in a report on Monday, June 16th. They set an "outperform" rating and a $110.00 price objective on the stock. Eight investment 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 company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $97.87.

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.