Axxcess Wealth Management LLC trimmed its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 24.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,916 shares of the medical technology company's stock after selling 3,859 shares during the period. Axxcess Wealth Management LLC's holdings in Medtronic were worth $1,071,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of MDT. Brighton Jones LLC raised its holdings in shares of Medtronic by 1,368.0% during the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after buying an additional 37,265 shares in the last quarter. Proficio Capital Partners LLC purchased a new position in shares of Medtronic during the 4th quarter valued at about $13,132,000. AGF Management Ltd. purchased a new position in shares of Medtronic during the 4th quarter valued at about $335,000. PFG Advisors raised its holdings in shares of Medtronic by 8.4% during the 4th quarter. PFG Advisors now owns 2,673 shares of the medical technology company's stock valued at $214,000 after buying an additional 208 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Medtronic by 49.8% during the 4th quarter. EverSource Wealth Advisors LLC now owns 4,855 shares of the medical technology company's stock valued at $388,000 after buying an additional 1,613 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.
Medtronic Trading Up 0.7%
Shares of MDT traded up $0.62 during mid-day trading on Friday, hitting $90.02. 12,258,801 shares of the company's stock traded hands, compared to its average volume of 7,021,901. 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 PLC has a 1 year low of $76.68 and a 1 year high of $96.25. The firm has a market capitalization of $115.45 billion, a P/E ratio of 24.87, a PEG ratio of 2.32 and a beta of 0.80. The business's 50-day moving average price is $85.77 and its 200-day moving average price is $86.82.
Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The firm had revenue of $8.93 billion for the quarter, compared to analysts' expectations of $8.81 billion. During the same period in the previous year, the firm earned $1.46 earnings per share. The business's revenue was up 3.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Medtronic PLC will post 5.46 EPS for the current fiscal year.
Medtronic Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were given a dividend of $0.71 per share. The ex-dividend date of this dividend was 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 dividend yield of 3.15%. Medtronic's payout ratio is currently 78.45%.
Wall Street Analysts Forecast Growth
A number of brokerages recently weighed in on MDT. Wall Street Zen raised Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Truist Financial decreased their price target on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research note on Friday, April 11th. Leerink Partners initiated coverage on Medtronic in a research note on Monday, June 16th. They issued an "outperform" rating and a $110.00 price target on the stock. Robert W. Baird decreased their price target on Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research note on Thursday, May 22nd. Finally, Leerink Partnrs raised Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Nine investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $97.47.
Check Out Our Latest Stock Analysis on MDT
Medtronic Company 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.
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