Medtronic PLC (NYSE:MDT) Shares Acquired by Avidian Wealth Enterprises LLC

Avidian Wealth Enterprises LLC lifted its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 30.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,601 shares of the medical technology company's stock after acquiring an additional 3,385 shares during the quarter. Avidian Wealth Enterprises LLC's holdings in Medtronic were worth $1,312,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Essex Financial Services Inc. grew its position in Medtronic by 27.2% during the first quarter. Essex Financial Services Inc. now owns 15,675 shares of the medical technology company's stock worth $1,409,000 after buying an additional 3,350 shares during the period. Stonebridge Financial Group LLC grew its position in Medtronic by 29.4% during the first quarter. Stonebridge Financial Group LLC now owns 39,493 shares of the medical technology company's stock worth $3,549,000 after buying an additional 8,973 shares during the period. Sovran Advisors LLC grew its position in Medtronic by 13.6% during the first quarter. Sovran Advisors LLC now owns 5,532 shares of the medical technology company's stock worth $457,000 after buying an additional 661 shares during the period. RBA Wealth Management LLC grew its position in Medtronic by 4.2% during the first quarter. RBA Wealth Management LLC now owns 52,671 shares of the medical technology company's stock worth $4,733,000 after buying an additional 2,131 shares during the period. Finally, Little House Capital LLC acquired a new position in Medtronic during the first quarter worth about $1,155,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of MDT opened at $86.19 on Monday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The company has a market capitalization of $110.54 billion, a price-to-earnings ratio of 23.81, a PEG ratio of 2.32 and a beta of 0.79. The company's 50 day simple moving average is $84.82 and its 200 day simple moving average is $86.38. Medtronic PLC has a 1 year low of $75.96 and a 1 year high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data 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 the consensus estimate 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 quarter in the prior year, the firm posted $1.46 earnings per share. On average, sell-side analysts predict that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be paid a dividend of $0.71 per share. The ex-dividend date is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.29%. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio (DPR) is currently 78.45%.

Analyst Ratings Changes

MDT has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Medtronic from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Leerink Partners started coverage on shares of Medtronic in a research report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price target on the stock. Royal Bank Of Canada lowered their price target on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. Finally, Leerink Partnrs upgraded shares of Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. Eight analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $97.87.

About Medtronic

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.

Want to see what other hedge funds are holding MDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Medtronic PLC (NYSE:MDT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.