Liberty One Investment Management LLC Increases Position in Medtronic PLC (NYSE:MDT)

Liberty One Investment Management LLC boosted its stake in Medtronic PLC (NYSE:MDT - Free Report) by 8.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 55,248 shares of the medical technology company's stock after buying an additional 4,387 shares during the quarter. Liberty One Investment Management LLC's holdings in Medtronic were worth $4,965,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of MDT. Dunhill Financial LLC increased its holdings in shares of Medtronic by 17.2% in the first quarter. Dunhill Financial LLC now owns 847 shares of the medical technology company's stock valued at $76,000 after purchasing an additional 124 shares during the last quarter. Cidel Asset Management Inc. grew its holdings in Medtronic by 1.3% in the 1st quarter. Cidel Asset Management Inc. now owns 9,531 shares of the medical technology company's stock valued at $856,000 after buying an additional 126 shares in the last quarter. Petros Family Wealth LLC increased its stake in shares of Medtronic by 4.3% in the 1st quarter. Petros Family Wealth LLC now owns 3,111 shares of the medical technology company's stock worth $280,000 after acquiring an additional 127 shares during the last quarter. Faithward Advisors LLC raised its holdings in shares of Medtronic by 2.7% during the 4th quarter. Faithward Advisors LLC now owns 5,043 shares of the medical technology company's stock worth $403,000 after acquiring an additional 134 shares during the period. Finally, Vestor Capital LLC boosted its position in shares of Medtronic by 0.3% during the 4th quarter. Vestor Capital LLC now owns 51,375 shares of the medical technology company's stock valued at $4,104,000 after acquiring an additional 138 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MDT. Royal Bank Of Canada dropped 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. Robert W. Baird decreased their price objective on Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Truist Financial decreased their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a report on Friday, April 11th. Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a report on Monday, June 30th. Finally, Evercore ISI upped their price objective on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a report on Tuesday. Nine investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $97.47.

Medtronic Stock Up 0.3%

Medtronic stock traded up $0.29 during mid-day trading on Friday, hitting $89.69. The company had a trading volume of 6,046,693 shares, compared to its average volume of 7,771,294. The stock has a market cap of $115.03 billion, a price-to-earnings ratio of 24.78, a PEG ratio of 2.40 and a beta of 0.80. Medtronic PLC has a 1 year low of $76.68 and a 1 year high of $96.25. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The business has a fifty day moving average of $85.66 and a 200 day moving average of $86.76.

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 for the quarter, beating analysts' consensus estimates of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The firm 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 company earned $1.46 earnings per share. Medtronic's quarterly revenue was up 3.9% compared to the same quarter last year. On average, sell-side analysts expect 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. Investors of record on Friday, June 27th will be given a $0.71 dividend. The ex-dividend date is Friday, June 27th. This is a boost from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a yield of 3.17%. Medtronic's payout ratio is 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.