Hamilton Point Investment Advisors LLC Purchases New Position in Medtronic PLC (NYSE:MDT)

Hamilton Point Investment Advisors LLC purchased a new stake in Medtronic PLC (NYSE:MDT - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 47,991 shares of the medical technology company's stock, valued at approximately $4,346,000.

Other institutional investors have also recently made changes to their positions in the company. Burkett Financial Services LLC raised its position in Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after purchasing an additional 185 shares during the period. Wood Tarver Financial Group LLC purchased a new position in shares of Medtronic during the fourth quarter worth approximately $27,000. Columbia River Financial Group LLC purchased a new position in shares of Medtronic during the first quarter worth approximately $28,000. Optiver Holding B.V. purchased a new position in shares of Medtronic during the fourth quarter worth approximately $31,000. Finally, Hughes Financial Services LLC purchased a new position in shares of Medtronic during the first quarter worth approximately $32,000. Institutional investors own 82.06% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on MDT. Wall Street Zen upgraded shares of Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Royal Bank Of Canada dropped their price objective on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. William Blair upgraded shares of Medtronic to a "hold" rating in a research note on Friday, July 11th. Finally, Citigroup increased their price objective on shares of Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Eleven analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the 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 Stock Performance

MDT traded down $0.17 on Thursday, reaching $91.84. The stock had a trading volume of 1,169,454 shares, compared to its average volume of 7,735,963. The company has a market cap of $117.79 billion, a P/E ratio of 25.37, a price-to-earnings-growth ratio of 2.38 and a beta of 0.80. The business's 50-day moving average price is $86.78 and its two-hundred day moving average price is $87.35. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. Medtronic PLC has a 12-month low of $78.32 and a 12-month high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last posted its 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 company had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. During the same period in the previous year, the business posted $1.46 EPS. Medtronic's revenue was up 3.9% on a year-over-year basis. Sell-side analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were paid a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.09%. The ex-dividend date of this dividend was Friday, June 27th. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio is currently 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.

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