Oppenheimer Asset Management Inc. Acquires 57,203 Shares of Medtronic PLC (NYSE:MDT)

Oppenheimer Asset Management Inc. raised its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 11.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 549,069 shares of the medical technology company's stock after acquiring an additional 57,203 shares during the period. Medtronic comprises approximately 0.6% of Oppenheimer Asset Management Inc.'s investment portfolio, making the stock its 27th largest holding. Oppenheimer Asset Management Inc.'s holdings in Medtronic were worth $49,339,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of the company. Mainstream Capital Management LLC bought a new position in shares of Medtronic during the fourth quarter valued at about $26,000. Burkett Financial Services LLC increased its stake in Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after buying an additional 185 shares during the last quarter. Rakuten Securities Inc. lifted its position in shares of Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after buying an additional 294 shares in the last quarter. Wood Tarver Financial Group LLC purchased a new position in shares of Medtronic in the 4th quarter worth approximately $27,000. Finally, Optiver Holding B.V. purchased a new stake in shares of Medtronic during the fourth quarter valued at approximately $31,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of Medtronic stock traded down $0.32 during trading hours on Monday, reaching $86.02. The company had a trading volume of 6,746,449 shares, compared to its average volume of 6,910,598. The firm has a market cap of $110.32 billion, a PE ratio of 23.76, a price-to-earnings-growth ratio of 2.33 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 0.53, a current ratio of 1.85 and a quick ratio of 1.42. The business has a fifty day simple moving average of $84.49 and a 200 day simple moving average of $86.28.

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 business had revenue of $8.93 billion for 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 firm's quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.46 EPS. On average, analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors 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 annualized dividend and a yield of 3.30%. This is a boost from Medtronic's previous quarterly dividend of $0.70. Medtronic's payout ratio is currently 77.35%.

Analyst Upgrades and Downgrades

MDT has been the subject of a number of recent analyst reports. Truist Financial reduced their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research note on Friday, April 11th. Citigroup upgraded shares of Medtronic from a "neutral" rating to a "buy" rating and increased their price target for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Royal Bank Of Canada decreased their price objective on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Leerink Partners started coverage on shares of Medtronic in a research note on Monday, June 16th. They issued an "outperform" rating and a $110.00 target price on the stock. Finally, Robert W. Baird reduced their target price on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a research report on Thursday, May 22nd. Eight equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $97.87.

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.