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Medtronic PLC (NYSE:MDT) Shares Bought by Money Concepts Capital Corp

Medtronic logo with Medical background

Money Concepts Capital Corp lifted its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 46.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 36,145 shares of the medical technology company's stock after buying an additional 11,380 shares during the period. Money Concepts Capital Corp's holdings in Medtronic were worth $3,248,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Burkett Financial Services LLC grew its stake in Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after purchasing an additional 185 shares in the last quarter. Mainstream Capital Management LLC acquired a new stake in shares of Medtronic during the fourth quarter worth approximately $26,000. Rakuten Securities Inc. boosted its stake in Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock valued at $27,000 after acquiring an additional 294 shares during the last quarter. Wood Tarver Financial Group LLC acquired a new position in Medtronic during the 4th quarter worth $27,000. Finally, Optiver Holding B.V. bought a new stake in shares of Medtronic in the 4th quarter worth about $31,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of MDT stock opened at $86.41 on Friday. Medtronic PLC has a 52 week low of $75.96 and a 52 week high of $96.25. The company has a market capitalization of $110.83 billion, a price-to-earnings ratio of 23.87, a PEG ratio of 2.32 and a beta of 0.79. The company has a 50-day simple moving average of $84.74 and a 200 day simple moving average of $86.31. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.58 by $0.04. The company had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The business's revenue was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.46 earnings per share. On average, sell-side analysts predict that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend 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 77.35%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Leerink Partners initiated coverage on shares of Medtronic in a report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price objective on the stock. Royal Bank Of Canada lowered their price target on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. Leerink Partnrs upgraded shares of Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Finally, Wall Street Zen raised Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Eight analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $97.87.

Read Our Latest Stock Analysis on MDT

Medtronic Profile

(Free Report)

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.

Further Reading

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).

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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.

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