Allspring Global Investments Holdings LLC Acquires 87,711 Shares of Medtronic PLC (NYSE:MDT)

Allspring Global Investments Holdings LLC grew its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 8.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,149,116 shares of the medical technology company's stock after purchasing an additional 87,711 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.09% of Medtronic worth $101,685,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Mainstream Capital Management LLC purchased a new stake in shares of Medtronic during the fourth quarter worth about $26,000. Burkett Financial Services LLC increased its position in shares of Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after acquiring an additional 185 shares during the last quarter. Rakuten Securities Inc. increased its position in shares of Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after acquiring an additional 294 shares during the last quarter. Wood Tarver Financial Group LLC purchased a new stake in shares of Medtronic during the fourth quarter worth about $27,000. Finally, Optiver Holding B.V. purchased a new stake in shares of Medtronic during the fourth quarter worth about $31,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Stock Up 0.0%

NYSE:MDT traded up $0.01 during trading hours on Friday, hitting $86.19. 10,133,590 shares of the stock traded hands, compared to its average volume of 6,964,487. The firm has a 50 day moving average price of $84.82 and a 200 day moving average price of $86.35. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. Medtronic PLC has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The firm has a market cap of $110.54 billion, a price-to-earnings ratio of 23.81, a PEG ratio of 2.32 and a beta of 0.79.

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, topping 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 business had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. During the same period in the prior year, the business posted $1.46 earnings per share. Medtronic's revenue for the quarter was up 3.9% compared to the same quarter last year. Equities research analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current 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. The ex-dividend date of this dividend is Friday, June 27th. This is an increase from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.29%. Medtronic's dividend payout ratio is 77.35%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MDT. Royal Bank Of Canada lowered their price objective on 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 Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Truist Financial lowered their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a report on Friday, April 11th. 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 report on Thursday, May 22nd. Finally, Wall Street Zen raised Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Eight investment 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 data from MarketBeat.com, Medtronic has an average rating of "Moderate Buy" and an average target price of $97.87.

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.