Medtronic plc (NYSE:MDT) Shares Bought by Simplicity Wealth LLC

Simplicity Wealth LLC lifted its holdings in Medtronic plc (NYSE:MDT - Free Report) by 399.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 22,027 shares of the medical technology company's stock after buying an additional 17,617 shares during the quarter. Simplicity Wealth LLC's holdings in Medtronic were worth $1,979,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of MDT. Norges Bank purchased a new stake in shares of Medtronic in the fourth quarter worth approximately $1,163,580,000. Raymond James Financial Inc. purchased a new position in Medtronic during the 4th quarter worth $852,732,000. Beutel Goodman & Co Ltd. purchased a new position in Medtronic during the 4th quarter worth $377,169,000. Van ECK Associates Corp increased its holdings in Medtronic by 2,043.4% during the 4th quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company's stock worth $207,540,000 after purchasing an additional 2,476,935 shares during the period. Finally, Invesco Ltd. increased its holdings in Medtronic by 17.8% during the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock worth $1,233,769,000 after purchasing an additional 2,333,600 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Down 1.5%

Shares of Medtronic stock traded down $1.30 during trading on Friday, reaching $87.19. The company's stock had a trading volume of 6,008,318 shares, compared to its average volume of 6,886,057. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The company 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 1-year low of $75.96 and a 1-year high of $96.25. The company has a 50-day simple moving average of $84.21 and a two-hundred day simple moving average of $86.26.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping analysts' consensus estimates of $1.58 by $0.04. The firm had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The business's quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.46 EPS. As a group, equities analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be given a $0.71 dividend. This is a boost from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.26%. Medtronic's dividend payout ratio (DPR) is presently 78.45%.

Analyst Upgrades and Downgrades

MDT has been the topic of several research reports. Truist Financial reduced their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a report on Friday, April 11th. Royal Bank of Canada reduced their price objective on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. UBS Group raised their price objective on Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Robert W. Baird reduced their price objective on Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Finally, Citigroup raised Medtronic from a "neutral" rating to a "buy" rating and increased their target price for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. 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 stock. Based on data from MarketBeat, Medtronic has an average rating of "Moderate Buy" and an average price target of $97.00.

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.