Klein Pavlis & Peasley Financial Inc. Has $3.40 Million Stock Position in Medtronic PLC (NYSE:MDT)

Key Points

• Klein Pavlis & Peasley Financial Inc. increased its stake in Medtronic PLC by 28.2% during the first quarter, owning 38,364 shares valued at approximately $3.40 million.
• Several institutional investors have expanded their positions in Medtronic, with notable increases from Mackenzie Financial Corp (up 220.9%) and Invesco Ltd. (up 17.8%).
• Medtronic recently declared a quarterly dividend of $0.71 per share, marking an increase from its previous dividend of $0.70, resulting in an annualized yield of 3.2%.

Klein Pavlis & Peasley Financial Inc. boosted its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 28.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 38,364 shares of the medical technology company's stock after buying an additional 8,433 shares during the quarter. Medtronic makes up approximately 2.4% of Klein Pavlis & Peasley Financial Inc.'s investment portfolio, making the stock its 14th largest position. Klein Pavlis & Peasley Financial Inc.'s holdings in Medtronic were worth $3,395,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of MDT. Invesco Ltd. grew its position in shares of Medtronic by 17.8% in the fourth quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock valued at $1,233,769,000 after purchasing an additional 2,333,600 shares during the last quarter. Burgundy Asset Management Ltd. acquired a new position in shares of Medtronic in the fourth quarter valued at approximately $174,329,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Medtronic in the fourth quarter valued at approximately $139,869,000. Mackenzie Financial Corp grew its position in shares of Medtronic by 220.9% in the first quarter. Mackenzie Financial Corp now owns 2,412,115 shares of the medical technology company's stock valued at $216,753,000 after purchasing an additional 1,660,357 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Medtronic by 21.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,910,161 shares of the medical technology company's stock valued at $711,744,000 after purchasing an additional 1,566,776 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Analysts Set New Price Targets

MDT has been the topic of several research reports. Citigroup upped their target price on Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Evercore ISI boosted their price target on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Morgan Stanley reiterated an "overweight" rating and issued a $107.00 price target (up from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Finally, Mizuho boosted their price target on Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Eleven research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $98.19.

Medtronic Stock Down 1.0%

Shares of NYSE:MDT opened at $89.31 on Friday. The company has a fifty day moving average of $87.76 and a 200-day moving average of $87.82. The company has a market capitalization of $114.54 billion, a PE ratio of 24.67, a price-to-earnings-growth ratio of 2.34 and a beta of 0.80. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. Medtronic PLC has a 52-week low of $79.29 and a 52-week high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.04. The company had revenue of $8.93 billion during 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 revenue for the quarter was up 3.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.46 earnings per share. On average, equities analysts predict that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.2%. This is a boost from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date was Friday, June 27th. Medtronic's dividend payout ratio (DPR) is currently 78.45%.

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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