Kure Advisory LLC Takes $534,000 Position in Medtronic plc (NYSE:MDT)

Kure Advisory LLC purchased a new stake in shares of Medtronic plc (NYSE:MDT - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 5,944 shares of the medical technology company's stock, valued at approximately $534,000. Medtronic comprises approximately 0.4% of Kure Advisory LLC's holdings, making the stock its 24th biggest position.

Other hedge funds have also added to or reduced their stakes in the company. Spring Capital Management LLC bought a new position in shares of Medtronic during the first quarter valued at approximately $3,508,000. RFG Advisory LLC lifted its stake in Medtronic by 6.1% in the 1st quarter. RFG Advisory LLC now owns 25,974 shares of the medical technology company's stock valued at $2,334,000 after buying an additional 1,482 shares in the last quarter. Fulton Bank N.A. raised its position in shares of Medtronic by 34.2% in the first quarter. Fulton Bank N.A. now owns 10,800 shares of the medical technology company's stock valued at $970,000 after buying an additional 2,755 shares during the last quarter. HBW Advisory Services LLC raised its position in shares of Medtronic by 4.6% during the 1st quarter. HBW Advisory Services LLC now owns 35,865 shares of the medical technology company's stock valued at $3,223,000 after buying an additional 1,581 shares during the period. Finally, Merit Financial Group LLC raised its stake in shares of Medtronic by 78.2% in the 1st quarter. Merit Financial Group LLC now owns 41,474 shares of the medical technology company's stock valued at $3,727,000 after acquiring an additional 18,204 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MDT has been the topic of several research analyst reports. Wall Street Zen lowered Medtronic from a "buy" rating to a "hold" rating in a research note on Saturday, May 24th. Citigroup raised Medtronic from a "neutral" rating to a "buy" rating and raised their price target for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. Royal Bank of Canada reduced their price objective on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Mizuho lowered their price objective on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Finally, Robert W. Baird reduced their target price on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. Nine research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $97.00.

Medtronic Price Performance

Shares of MDT traded up $1.32 on Thursday, hitting $86.92. The company's stock had a trading volume of 10,347,769 shares, compared to its average volume of 6,861,400. The company has a 50 day moving average price of $84.00 and a 200 day moving average price of $86.16. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The company has a market capitalization of $111.47 billion, a PE ratio of 26.42, a PEG ratio of 2.22 and a beta of 0.81. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39.

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

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be paid a $0.71 dividend. This is a boost from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.27%. Medtronic's dividend payout ratio is presently 78.45%.

Medtronic 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.