HB Wealth Management LLC Acquires 16,264 Shares of Medtronic PLC (NYSE:MDT)

Key Points

• HB Wealth Management LLC increased its stake in Medtronic PLC by 20.4%, acquiring an additional 16,264 shares, bringing its total holdings to 96,077 shares worth approximately $8.63 million.
• Medtronic reported a quarterly EPS of $1.62, surpassing analysts' expectations, with revenue of $8.93 billion indicating a year-over-year increase of 3.9%.
• The company recently declared a quarterly dividend of $0.71 per share, marking an increase from the previous dividend of $0.70, resulting in an annualized dividend yield of 3.06%.

HB Wealth Management LLC raised its position in Medtronic PLC (NYSE:MDT - Free Report) by 20.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 96,077 shares of the medical technology company's stock after acquiring an additional 16,264 shares during the quarter. HB Wealth Management LLC's holdings in Medtronic were worth $8,634,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Burkett Financial Services LLC lifted its stake in Medtronic by 185.0% in the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after buying an additional 185 shares during the last quarter. Columbia River Financial Group LLC acquired a new position in Medtronic in the 1st quarter valued at $28,000. Wood Tarver Financial Group LLC acquired a new position in Medtronic in the 4th quarter valued at $27,000. Hughes Financial Services LLC purchased a new position in shares of Medtronic in the 1st quarter worth about $32,000. Finally, Optiver Holding B.V. purchased a new stake in Medtronic during the 4th quarter worth $31,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MDT. Leerink Partners started coverage on shares of Medtronic in a report on Monday, June 16th. They set an "outperform" rating and a $110.00 price objective for the company. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. Truist Financial lowered their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a report on Friday, April 11th. Morgan Stanley reaffirmed an "overweight" rating and issued a $107.00 price target (up previously from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. Finally, BTIG Research restated a "neutral" rating on shares of Medtronic in a research report on Friday, July 11th. Eleven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $98.19.

Medtronic Stock Down 0.2%

NYSE:MDT traded down $0.21 on Wednesday, hitting $92.23. 1,735,949 shares of the company's stock were exchanged, compared to its average volume of 7,670,998. The company has a market cap of $118.29 billion, a P/E ratio of 25.46, a price-to-earnings-growth ratio of 2.39 and a beta of 0.80. The firm has a 50-day moving average price of $87.26 and a 200-day moving average price of $87.71. Medtronic PLC has a 52 week low of $78.96 and a 52 week high of $96.25. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42.

Medtronic (NYSE:MDT - Get Free Report) last issued its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) 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 business had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. During the same period last year, the business posted $1.46 EPS. Medtronic's revenue was up 3.9% on a year-over-year basis. As a group, analysts expect that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were issued a dividend of $0.71 per share. This is an increase from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.08%. Medtronic's payout ratio is presently 78.45%.

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.