Benjamin Edwards Inc. Boosts Position in Medtronic PLC (NYSE:MDT)

Key Points

• Benjamin Edwards Inc. increased its holdings in Medtronic PLC by 6.2%, owning 255,311 shares valued at approximately $22.9 million as of the latest reporting period.
• Several institutional investors, including Mackenzie Financial Corp. and UBS AM, significantly increased their stakes in Medtronic, contributing to 82.06% of the company's stock being owned by institutional entities.
• Medtronic recently increased its quarterly dividend from $0.70 to $0.71, resulting in an annualized dividend yield of 3.1%.

Benjamin Edwards Inc. grew its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 6.2% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 255,311 shares of the medical technology company's stock after purchasing an additional 14,840 shares during the quarter. Benjamin Edwards Inc.'s holdings in Medtronic were worth $22,942,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Burkett Financial Services LLC raised its position in Medtronic by 185.0% in 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 period. Wood Tarver Financial Group LLC bought a new position in Medtronic in the 4th quarter worth $27,000. Columbia River Financial Group LLC purchased a new position in Medtronic during the first quarter valued at $28,000. Optiver Holding B.V. bought a new stake in Medtronic during the fourth quarter valued at about $31,000. Finally, Hughes Financial Services LLC bought a new stake in Medtronic during the first quarter valued at about $32,000. Institutional investors own 82.06% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on MDT shares. Royal Bank Of Canada decreased their target price on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Evercore ISI raised their price target on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Leerink Partnrs upgraded shares of Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Robert W. Baird cut their target price on Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research report on Thursday, May 22nd. Finally, BTIG Research reissued a "neutral" rating on shares of Medtronic in a research report on Friday, July 11th. Twelve research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Medtronic presently has an average rating of "Moderate Buy" and an average price target of $98.19.

Medtronic Stock Down 0.7%

Shares of NYSE MDT traded down $0.65 during mid-day trading on Tuesday, reaching $92.09. 5,203,733 shares of the company were exchanged, compared to its average volume of 7,643,828. Medtronic PLC has a 1 year low of $79.29 and a 1 year high of $96.25. The firm has a 50-day moving average of $88.83 and a 200 day moving average of $87.94. The stock has a market cap of $118.04 billion, a price-to-earnings ratio of 25.44, a P/E/G ratio of 2.41 and a beta of 0.80. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share 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 the consensus estimate of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The firm's revenue for the quarter was up 3.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.46 EPS. On average, research analysts expect that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were issued a $0.71 dividend. This is a boost from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Friday, June 27th. Medtronic's dividend payout ratio is currently 78.45%.

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.