USA Financial Formulas Buys 4,523 Shares of Medtronic plc (NYSE:MDT)

USA Financial Formulas grew its stake in shares of Medtronic plc (NYSE:MDT - Free Report) by 161.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,330 shares of the medical technology company's stock after purchasing an additional 4,523 shares during the quarter. USA Financial Formulas' holdings in Medtronic were worth $659,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in MDT. Brighton Jones LLC increased its position in shares of Medtronic by 1,368.0% during the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock worth $3,194,000 after purchasing an additional 37,265 shares during the last quarter. Golden State Wealth Management LLC acquired a new position in shares of Medtronic during the 4th quarter worth approximately $78,000. Angeles Wealth Management LLC increased its position in shares of Medtronic by 36.3% during the 4th quarter. Angeles Wealth Management LLC now owns 3,085 shares of the medical technology company's stock worth $246,000 after purchasing an additional 822 shares during the last quarter. Savant Capital LLC boosted its stake in shares of Medtronic by 138.0% during the 4th quarter. Savant Capital LLC now owns 89,644 shares of the medical technology company's stock worth $7,161,000 after acquiring an additional 51,985 shares during the period. Finally, Paladin Wealth LLC boosted its stake in shares of Medtronic by 21.9% during the 4th quarter. Paladin Wealth LLC now owns 10,685 shares of the medical technology company's stock worth $854,000 after acquiring an additional 1,917 shares during the period. Institutional investors and hedge funds own 82.06% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Truist Financial reduced their target price on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research note on Friday, April 11th. Wall Street Zen downgraded Medtronic from a "buy" rating to a "hold" rating in a research note on Saturday, May 24th. Mizuho reduced their target price on Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Royal Bank of Canada reduced their target price on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Nine equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Medtronic currently has a consensus rating of "Moderate Buy" and a consensus target price of $97.00.

Medtronic Stock Performance

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

Medtronic (NYSE:MDT - Get Free Report) last released 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 business had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm's quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.46 EPS. As a group, research analysts predict that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The business also recently announced 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. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.26%. This is an increase from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, June 27th. Medtronic's dividend payout ratio is presently 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.