Verity & Verity LLC boosted its holdings in Medtronic plc (NYSE:MDT - Free Report) by 9.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 196,199 shares of the medical technology company's stock after purchasing an additional 17,418 shares during the quarter. Verity & Verity LLC's holdings in Medtronic were worth $17,630,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also modified their holdings of the company. Mainstream Capital Management LLC acquired a new position in shares of Medtronic in the 4th quarter valued at $26,000. Burkett Financial Services LLC increased its stake in Medtronic by 185.0% during 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 last quarter. Rakuten Securities Inc. raised its holdings in shares of Medtronic by 753.8% in the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after purchasing an additional 294 shares during the period. Wood Tarver Financial Group LLC purchased a new position in shares of Medtronic in the 4th quarter worth about $27,000. Finally, Optiver Holding B.V. acquired a new position in shares of Medtronic in the 4th quarter valued at about $31,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of analysts recently issued reports on the stock. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and increased their target price for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. UBS Group increased their price objective on shares of Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Robert W. Baird reduced their target price on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Truist Financial decreased their price target on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research report on Friday, April 11th. Finally, Wall Street Zen lowered Medtronic from a "buy" rating to a "hold" rating in a research note on Saturday, May 24th. Nine research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $97.87.
Get Our Latest Analysis on Medtronic
Medtronic Stock Performance
NYSE:MDT traded up $0.65 during trading hours on Monday, reaching $87.92. 8,366,052 shares of the stock were exchanged, compared to its average volume of 6,892,108. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25. 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 stock has a market capitalization of $112.76 billion, a P/E ratio of 26.72, a P/E/G ratio of 2.22 and a beta of 0.79. The firm has a 50 day simple moving average of $84.21 and a 200-day simple moving average of $86.26.
Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 EPS 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 the consensus estimate of $8.81 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The firm'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. As a group, sell-side analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.
Medtronic Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be given a $0.71 dividend. The ex-dividend date of this dividend is Friday, June 27th. This is a positive change from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a yield of 3.23%. Medtronic's dividend payout ratio (DPR) is currently 78.45%.
About Medtronic
(
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.
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