Allen Mooney & Barnes Investment Advisors LLC Raises Position in Medtronic plc (NYSE:MDT)

Allen Mooney & Barnes Investment Advisors LLC lifted its holdings in shares of Medtronic plc (NYSE:MDT - Free Report) by 5.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 134,308 shares of the medical technology company's stock after buying an additional 6,360 shares during the period. Medtronic comprises 2.0% of Allen Mooney & Barnes Investment Advisors LLC's holdings, making the stock its 20th largest position. Allen Mooney & Barnes Investment Advisors LLC's holdings in Medtronic were worth $12,069,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Brighton Jones LLC raised its position in shares of Medtronic by 1,368.0% in the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after buying an additional 37,265 shares in the last quarter. Sovran Advisors LLC acquired a new stake in shares of Medtronic in the fourth quarter valued at approximately $415,000. Portfolio Design Labs LLC increased its stake in Medtronic by 67.4% in the fourth quarter. Portfolio Design Labs LLC now owns 4,422 shares of the medical technology company's stock valued at $353,000 after acquiring an additional 1,781 shares during the last quarter. Leavell Investment Management Inc. increased its stake in Medtronic by 4.4% in the fourth quarter. Leavell Investment Management Inc. now owns 5,331 shares of the medical technology company's stock valued at $430,000 after acquiring an additional 226 shares during the last quarter. Finally, Signet Investment Advisory Group Inc. increased its stake in Medtronic by 2.8% in the fourth quarter. Signet Investment Advisory Group Inc. now owns 21,977 shares of the medical technology company's stock valued at $1,756,000 after acquiring an additional 600 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Performance

MDT traded down $1.30 on Friday, hitting $87.19. The company's stock had a trading volume of 6,008,318 shares, compared to its average volume of 6,886,057. The company's 50 day simple moving average is $84.21 and its 200-day simple moving average is $86.26. The firm has a market cap of $111.83 billion, a P/E ratio of 26.50, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $96.25. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping the consensus estimate of $1.58 by $0.04. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The company had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. During the same period last year, the firm earned $1.46 EPS. Medtronic's revenue for the quarter was up 3.9% on a year-over-year basis. Analysts forecast that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.26%. This is a boost from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio (DPR) is 78.45%.

Analysts Set New Price Targets

A number of analysts have weighed in on MDT shares. Robert W. Baird decreased their target price on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research note on Thursday, May 22nd. Mizuho decreased their target price 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. Royal Bank of Canada decreased their target price on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Truist Financial decreased their target price on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research note on Friday, April 11th. Finally, Wall Street Zen cut shares of Medtronic from a "buy" rating to a "hold" rating in a research note on Saturday, May 24th. 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 stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $97.00.

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.