IFP Advisors Inc Raises Position in Medtronic PLC (NYSE:MDT)

IFP Advisors Inc raised its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 20.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 42,596 shares of the medical technology company's stock after acquiring an additional 7,310 shares during the quarter. IFP Advisors Inc's holdings in Medtronic were worth $3,828,000 as of its most recent SEC filing.

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

Medtronic Trading Up 0.1%

Shares of MDT opened at $89.63 on Monday. 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 PLC has a 1-year low of $78.32 and a 1-year high of $96.25. The stock has a market cap of $114.95 billion, a price-to-earnings ratio of 24.76, a price-to-earnings-growth ratio of 2.33 and a beta of 0.80. The firm has a 50 day simple moving average of $86.41 and a 200-day simple moving average of $87.23.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data 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. The business had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The company's quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.46 earnings per share. Equities analysts forecast that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were given a dividend of $0.71 per share. The ex-dividend date was Friday, June 27th. This is an increase from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a yield of 3.17%. Medtronic's dividend payout ratio is 78.45%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on MDT shares. BTIG Research restated a "neutral" rating on shares of Medtronic in a report on Friday, July 11th. Robert W. Baird lowered their price objective on Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research note on Thursday, May 22nd. Morgan Stanley restated an "overweight" rating and issued a $107.00 target price (up from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. Citigroup lifted their price target on Medtronic from $98.00 to $99.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Finally, Wolfe Research raised shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. Eleven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $98.19.

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.

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