Parcion Private Wealth LLC Buys 5,212 Shares of Medtronic PLC (NYSE:MDT)

Parcion Private Wealth LLC boosted its stake in Medtronic PLC (NYSE:MDT - Free Report) by 5.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 106,084 shares of the medical technology company's stock after buying an additional 5,212 shares during the period. Parcion Private Wealth LLC's holdings in Medtronic were worth $9,533,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in MDT. Brighton Jones LLC increased its stake 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 purchasing an additional 37,265 shares during the period. Oxford Asset Management LLP raised its stake in Medtronic by 70.1% during the 4th quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company's stock valued at $594,000 after acquiring an additional 3,068 shares in the last quarter. New Vernon Investment Management LLC boosted its position in Medtronic by 304.9% during the 4th quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company's stock worth $2,425,000 after acquiring an additional 22,300 shares during the period. Insight Inv LLC grew its stake in shares of Medtronic by 84.2% in the first quarter. Insight Inv LLC now owns 27,456 shares of the medical technology company's stock worth $2,467,000 after purchasing an additional 12,550 shares in the last quarter. Finally, Argent Trust Co increased its holdings in shares of Medtronic by 13.6% during the fourth quarter. Argent Trust Co now owns 56,020 shares of the medical technology company's stock valued at $4,475,000 after purchasing an additional 6,721 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Down 0.1%

NYSE MDT traded down $0.11 during trading hours on Thursday, reaching $89.67. 4,544,410 shares of the company's stock were exchanged, compared to its average volume of 7,039,174. 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 $115.01 billion, a price-to-earnings ratio of 24.76, a price-to-earnings-growth ratio of 2.32 and a beta of 0.80. The company's 50-day moving average is $86.16 and its two-hundred day moving average is $86.99. Medtronic PLC has a one year low of $77.94 and a one year high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings results 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 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 revenue was up 3.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.46 EPS. On average, analysts forecast that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 3.17%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, June 27th. Medtronic's dividend payout ratio is currently 78.45%.

Wall Street Analyst Weigh In

MDT has been the subject of a number of research reports. Robert W. Baird decreased their price target on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Truist Financial lowered their target price on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a report on Friday, April 11th. Leerink Partnrs upgraded shares of Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. William Blair upgraded shares of Medtronic to a "hold" rating in a research report on Friday, July 11th. Finally, Wolfe Research upgraded shares of Medtronic from an "underperform" rating to a "peer perform" rating in a report on Monday, June 30th. Eleven analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $98.19.

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.