Linscomb Wealth Inc. Raises Stock Holdings in Medtronic PLC (NYSE:MDT)

Key Points

• Linscomb Wealth Inc. increased its holdings in Medtronic PLC by 18.5% during the first quarter, now owning 79,480 shares valued at approximately $7.14 million.
• Medtronic reported earnings of $1.62 per share for the last quarter, surpassing analyst expectations, with revenue rising 3.9% year-over-year to $8.93 billion.
• The company recently raised its quarterly dividend to $0.71, reflecting a yield of 3.1% and a payout ratio of 78.45%.

Linscomb Wealth Inc. raised its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 18.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 79,480 shares of the medical technology company's stock after acquiring an additional 12,385 shares during the quarter. Linscomb Wealth Inc.'s holdings in Medtronic were worth $7,142,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Commerce Bank increased its position in shares of Medtronic by 1.7% in the first quarter. Commerce Bank now owns 145,984 shares of the medical technology company's stock worth $13,118,000 after purchasing an additional 2,429 shares during the period. Brighton Jones LLC grew its holdings in shares of Medtronic by 1,368.0% during the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock worth $3,194,000 after purchasing an additional 37,265 shares during the last quarter. Oxford Asset Management LLP grew its holdings in shares of Medtronic by 70.1% during the fourth quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company's stock worth $594,000 after purchasing an additional 3,068 shares during the last quarter. New Vernon Investment Management LLC grew its holdings in shares of Medtronic by 304.9% during the fourth quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company's stock worth $2,425,000 after purchasing an additional 22,300 shares during the last quarter. Finally, Insight Inv LLC grew its holdings in shares of Medtronic by 84.2% during the first quarter. Insight Inv LLC now owns 27,456 shares of the medical technology company's stock worth $2,467,000 after purchasing an additional 12,550 shares during the last quarter. 82.06% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on MDT shares. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a report on Friday, June 6th. Wolfe Research raised Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. Wall Street Zen downgraded Medtronic from a "buy" rating to a "hold" rating in a research note on Saturday. Evercore ISI raised their target price on Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Finally, Citigroup raised their price objective on Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Twelve research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $98.19.

Medtronic Stock Down 0.7%

NYSE MDT traded down $0.65 during midday trading on Tuesday, hitting $92.09. 5,203,733 shares of the company traded hands, compared to its average volume of 6,536,949. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. The company has a market cap of $118.04 billion, a PE ratio of 25.44, a price-to-earnings-growth ratio of 2.41 and a beta of 0.80. The company's 50-day simple moving average is $88.96 and its 200-day simple moving average is $87.97. 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 earnings results 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 analysts' expectations of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The business's revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.46 EPS. As a group, equities research analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Friday, June 27th. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's payout ratio is 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.