Medtronic plc (NYSE:MDT) Shares Purchased by Gradient Investments LLC

Gradient Investments LLC lifted its position in Medtronic plc (NYSE:MDT - Free Report) by 3.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 449,100 shares of the medical technology company's stock after purchasing an additional 14,333 shares during the quarter. Gradient Investments LLC's holdings in Medtronic were worth $40,356,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Mainstream Capital Management LLC purchased a new position in shares of Medtronic during the fourth quarter worth approximately $26,000. Stephens Consulting LLC boosted its stake in Medtronic by 145.7% during the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company's stock worth $27,000 after purchasing an additional 204 shares during the period. Rakuten Securities Inc. grew its position in Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after purchasing an additional 294 shares during the last quarter. Wood Tarver Financial Group LLC acquired a new position in Medtronic in the fourth quarter valued at $27,000. Finally, Optiver Holding B.V. purchased a new stake in shares of Medtronic in the fourth quarter valued at about $31,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Trading Up 0.2%

Shares of MDT stock traded up $0.17 during mid-day trading on Wednesday, reaching $85.71. The company's stock had a trading volume of 9,070,613 shares, compared to its average volume of 6,845,406. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $109.93 billion, a PE ratio of 26.05, a price-to-earnings-growth ratio of 2.22 and a beta of 0.81. The company's 50 day simple moving average is $84.04 and its 200-day simple moving average is $86.16. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating the consensus estimate of $1.58 by $0.04. The business had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The company's revenue was up 3.9% on a year-over-year basis. During the same period last year, the business posted $1.46 EPS. On average, research analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be given a $0.71 dividend. This is a boost from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date of this dividend is Friday, June 27th. Medtronic's dividend payout ratio is presently 78.45%.

Analyst Ratings Changes

A number of research firms recently issued reports on MDT. UBS Group raised their price target on Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Wall Street Zen downgraded Medtronic from a "buy" rating to a "hold" rating in a research note on Saturday, May 24th. Mizuho decreased their price target on Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. 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. Finally, Citigroup raised Medtronic from a "neutral" rating to a "buy" rating and raised their target price for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Nine investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Medtronic presently has a consensus rating of "Moderate Buy" and an average price target of $97.00.

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.