Iowa State Bank Increases Position in Medtronic plc (NYSE:MDT)

Iowa State Bank grew its holdings in Medtronic plc (NYSE:MDT - Free Report) by 38.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 18,021 shares of the medical technology company's stock after purchasing an additional 4,974 shares during the period. Iowa State Bank's holdings in Medtronic were worth $1,619,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the stock. Norges Bank acquired a new position in Medtronic during the 4th quarter worth about $1,163,580,000. Raymond James Financial Inc. purchased a new stake in Medtronic during the fourth quarter worth about $852,732,000. Beutel Goodman & Co Ltd. acquired a new stake in shares of Medtronic during the fourth quarter worth about $377,169,000. Van ECK Associates Corp boosted its stake in shares of Medtronic by 2,043.4% in the fourth quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company's stock valued at $207,540,000 after purchasing an additional 2,476,935 shares during the period. Finally, Invesco Ltd. grew its holdings 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 in the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Analyst Ratings Changes

MDT has been the topic of a number of research reports. UBS Group increased their target price on shares of Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Wall Street Zen cut Medtronic from a "buy" rating to a "hold" rating in a research note on Saturday, May 24th. Truist Financial lowered their target price on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research note on Friday, April 11th. Mizuho reduced their price target on Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. Finally, Robert W. Baird lowered their price objective on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a research report on Thursday, May 22nd. Nine equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $97.00.

Medtronic Stock Up 0.2%

Shares of Medtronic stock traded up $0.17 during trading hours on Wednesday, hitting $85.71. The company had a trading volume of 9,070,613 shares, compared to its average volume of 7,764,544. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The company's 50-day moving average is $84.04 and its two-hundred day moving average is $86.16. The company has a market cap of $109.93 billion, a P/E ratio of 26.05, a price-to-earnings-growth ratio of 2.22 and a beta of 0.81. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings data 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. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The company had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. During the same quarter last year, the company posted $1.46 earnings per share. The business's quarterly revenue was up 3.9% compared to the same quarter last year. Analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be paid a $0.71 dividend. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.31%. This is a boost from Medtronic's previous quarterly dividend of $0.70. Medtronic's payout ratio is currently 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.