Hennessy Advisors Inc. Buys 5,400 Shares of Medtronic plc (NYSE:MDT)

Hennessy Advisors Inc. raised its position in shares of Medtronic plc (NYSE:MDT - Free Report) by 9.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 62,100 shares of the medical technology company's stock after buying an additional 5,400 shares during the quarter. Hennessy Advisors Inc.'s holdings in Medtronic were worth $5,580,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC lifted its stake in Medtronic by 11.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 531,059 shares of the medical technology company's stock valued at $47,721,000 after buying an additional 53,340 shares in the last quarter. Tritonpoint Wealth LLC raised its position in Medtronic by 20.1% during the first quarter. Tritonpoint Wealth LLC now owns 6,680 shares of the medical technology company's stock valued at $605,000 after acquiring an additional 1,118 shares in the last quarter. Goldstone Financial Group LLC bought a new position in Medtronic during the first quarter valued at approximately $287,000. CVA Family Office LLC raised its position in Medtronic by 6.9% during the first quarter. CVA Family Office LLC now owns 10,910 shares of the medical technology company's stock valued at $980,000 after acquiring an additional 704 shares in the last quarter. Finally, Powers Advisory Group LLC raised its position in Medtronic by 8.0% during the first quarter. Powers Advisory Group LLC now owns 3,891 shares of the medical technology company's stock valued at $350,000 after acquiring an additional 289 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Performance

MDT traded down $1.30 during trading on Friday, reaching $87.19. 6,008,318 shares of the company's stock were exchanged, compared to its average volume of 6,886,057. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. 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 business has a 50 day moving average price of $84.21 and a 200 day moving average price of $86.26. The company has a market capitalization of $111.83 billion, a P/E ratio of 26.50, a PEG ratio of 2.22 and a beta of 0.79.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.58 by $0.04. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The business had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. During the same period in the previous year, the business posted $1.46 earnings per share. The firm's revenue for the quarter was up 3.9% compared to the same quarter last year. As a group, analysts predict that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be given a dividend of $0.71 per share. This is a positive change from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a dividend yield of 3.26%. The ex-dividend date of this dividend is Friday, June 27th. Medtronic's payout ratio is presently 78.45%.

Analyst Upgrades and Downgrades

MDT has been the topic of several recent research reports. Mizuho cut their price objective on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. UBS Group increased their price target on Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. Truist Financial lowered their price target on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a report on Friday, April 11th. Wall Street Zen downgraded Medtronic from a "buy" rating to a "hold" rating in a report on Saturday, May 24th. Finally, Citigroup upgraded Medtronic from a "neutral" rating to a "buy" rating and increased their price target for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Nine research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Medtronic has an average rating of "Moderate Buy" and an average target price of $97.00.

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.