Atria Wealth Solutions Inc. Buys 7,873 Shares of Medtronic PLC (NYSE:MDT)

Key Points

• Atria Wealth Solutions Inc. increased its stake in Medtronic PLC by 7.4% in Q1, owning 113,631 shares valued at approximately $10.3 million.
• Medtronic recently announced a quarterly dividend increase from $0.70 to $0.71 per share, representing a 3.2% yield.
• Analysts have mixed ratings for Medtronic, with a consensus rating of "Moderate Buy" and a target price of $98.19.

Atria Wealth Solutions Inc. increased its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 7.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 113,631 shares of the medical technology company's stock after purchasing an additional 7,873 shares during the period. Atria Wealth Solutions Inc.'s holdings in Medtronic were worth $10,275,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Costello Asset Management INC bought a new position in shares of Medtronic during the first quarter worth $51,000. Cary Street Partners Financial LLC lifted its holdings in Medtronic by 74.0% during the first quarter. Cary Street Partners Financial LLC now owns 82,278 shares of the medical technology company's stock worth $7,393,000 after acquiring an additional 34,992 shares in the last quarter. Thoroughbred Financial Services LLC acquired a new position in Medtronic in the first quarter valued at about $528,000. W.H. Cornerstone Investments Inc. increased its holdings in shares of Medtronic by 71.5% in the first quarter. W.H. Cornerstone Investments Inc. now owns 12,253 shares of the medical technology company's stock worth $1,101,000 after acquiring an additional 5,107 shares in the last quarter. Finally, Westfield Capital Management Co. LP acquired a new stake in shares of Medtronic during the first quarter worth about $7,226,000. Institutional investors own 82.06% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on MDT. Robert W. Baird decreased 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. BTIG Research restated a "neutral" rating on shares of Medtronic in a report on Friday, July 11th. Wolfe Research raised shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Leerink Partnrs raised Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Finally, Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Eleven investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Medtronic presently has an average rating of "Moderate Buy" and an average price target of $98.19.

Medtronic Stock Up 1.9%

Shares of Medtronic stock traded up $1.70 on Friday, reaching $92.94. 6,636,861 shares of the company were exchanged, compared to its average volume of 6,924,519. The company has a market capitalization of $119.13 billion, a price-to-earnings ratio of 25.67, a PEG ratio of 2.37 and a beta of 0.80. 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 one year low of $79.29 and a one year high of $96.25. The company has a 50-day moving average of $88.45 and a 200 day moving average of $87.90.

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 (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.04. The firm had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The company's quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.46 earnings per share. On average, 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 declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were issued a dividend of $0.71 per share. The ex-dividend date was 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 yield of 3.1%. Medtronic's dividend 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.