Goldstone Financial Group LLC Takes $287,000 Position in Medtronic PLC (NYSE:MDT)

Goldstone Financial Group LLC bought a new stake in Medtronic PLC (NYSE:MDT - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 3,195 shares of the medical technology company's stock, valued at approximately $287,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its holdings in Medtronic by 1,368.0% during the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after purchasing an additional 37,265 shares during the last quarter. Avestar Capital LLC raised its position in shares of Medtronic by 15.9% in the fourth quarter. Avestar Capital LLC now owns 5,928 shares of the medical technology company's stock valued at $474,000 after purchasing an additional 815 shares during the period. Catalyst Financial Partners LLC raised its position in shares of Medtronic by 11.8% in the fourth quarter. Catalyst Financial Partners LLC now owns 4,664 shares of the medical technology company's stock valued at $373,000 after purchasing an additional 491 shares during the period. Banque Pictet & Cie SA lifted its stake in shares of Medtronic by 193.5% during the 4th quarter. Banque Pictet & Cie SA now owns 78,454 shares of the medical technology company's stock valued at $6,267,000 after buying an additional 51,727 shares in the last quarter. Finally, Asset Planning Inc bought a new position in Medtronic in the 4th quarter worth approximately $70,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Leerink Partners assumed coverage on Medtronic in a research report on Monday. They set an "outperform" rating and a $110.00 target price on the stock. Royal Bank Of Canada cut their target price on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Truist Financial decreased their price target on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research report on Friday, April 11th. Leerink Partnrs upgraded shares of Medtronic to a "strong-buy" rating in a research report on Monday. Finally, Robert W. Baird decreased their target price on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Nine investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $97.87.

Medtronic Price Performance

Shares of Medtronic stock traded down $0.49 during trading on Wednesday, hitting $85.69. 4,197,140 shares of the stock traded hands, compared to its average volume of 6,890,581. The stock has a market cap of $109.89 billion, a price-to-earnings ratio of 23.68, a PEG ratio of 2.37 and a beta of 0.79. 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 52 week low of $75.96 and a 52 week high of $96.25. The firm's fifty day moving average is $84.35 and its 200-day moving average is $86.27.

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, beating analysts' consensus estimates of $1.58 by $0.04. The business 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 business's quarterly revenue was up 3.9% on a year-over-year basis. During the same period last year, the business earned $1.46 earnings per share. Research analysts expect that Medtronic PLC will post 5.46 EPS 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 given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 3.31%. 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 is presently 77.35%.

About Medtronic

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.