Hennion & Walsh Asset Management Inc. Raises Position in Medtronic plc (NYSE:MDT)

Hennion & Walsh Asset Management Inc. raised its stake in shares of Medtronic plc (NYSE:MDT - Free Report) by 128.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,013 shares of the medical technology company's stock after purchasing an additional 4,507 shares during the period. Hennion & Walsh Asset Management Inc.'s holdings in Medtronic were worth $720,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Mainstream Capital Management LLC purchased a new stake in Medtronic during the fourth quarter valued at approximately $26,000. Rakuten Securities Inc. grew its stake in shares of Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock valued at $27,000 after buying an additional 294 shares during the last quarter. Wood Tarver Financial Group LLC bought a new position in shares of Medtronic during the fourth quarter valued at approximately $27,000. Optiver Holding B.V. bought a new position in shares of Medtronic during the fourth quarter valued at approximately $31,000. Finally, Chapman Financial Group LLC bought a new position in shares of Medtronic during the fourth quarter valued at approximately $33,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on MDT shares. Citigroup raised Medtronic from a "neutral" rating to a "buy" rating and upped their target price for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Truist Financial dropped their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research note on Friday, April 11th. Wall Street Zen cut Medtronic from a "buy" rating to a "hold" rating in a research report on Saturday, May 24th. Robert W. Baird dropped their target price on Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research report on Thursday, May 22nd. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research report on Friday. 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 data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $97.00.

Medtronic Stock Performance

Shares of MDT opened at $87.38 on Friday. The firm has a market cap of $112.07 billion, a PE ratio of 26.56, a P/E/G ratio of 2.22 and a beta of 0.79. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The stock has a fifty day moving average price of $83.92 and a 200-day moving average price of $86.18. 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 issued its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.58 by $0.04. The company had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm's quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter last year, the business posted $1.46 EPS. Equities research analysts predict that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.25%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio (DPR) 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.

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