Janney Montgomery Scott LLC grew its holdings in Medtronic plc (NYSE:MDT - Free Report) by 5.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,216,276 shares of the medical technology company's stock after purchasing an additional 62,004 shares during the period. Janney Montgomery Scott LLC owned approximately 0.09% of Medtronic worth $109,295,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Burkett Financial Services LLC lifted its holdings in shares of Medtronic by 185.0% in the first 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 purchased a new stake in shares of Medtronic in the fourth quarter valued at $26,000. Rakuten Securities Inc. lifted its holdings in shares of Medtronic by 753.8% in the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock valued at $27,000 after purchasing an additional 294 shares in the last quarter. Wood Tarver Financial Group LLC purchased a new stake in shares of Medtronic in the fourth quarter valued at $27,000. Finally, Optiver Holding B.V. purchased a new stake in shares of Medtronic in the fourth quarter valued at $31,000. Hedge funds and other institutional investors own 82.06% of the company's stock.
Wall Street Analyst Weigh In
Several analysts recently issued reports on the company. Truist Financial cut their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a report on Friday, April 11th. Wall Street Zen lowered Medtronic from a "buy" rating to a "hold" rating in a report on Saturday, May 24th. Citigroup upgraded Medtronic from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. UBS Group increased 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. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a report on Friday, June 6th. Nine analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $97.00.
Check Out Our Latest Stock Analysis on Medtronic
Medtronic Trading Down 1.5%
Medtronic stock opened at $87.19 on Monday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The company has a market capitalization of $111.83 billion, a price-to-earnings ratio of 26.50, a PEG ratio of 2.22 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's fifty day moving average price is $84.21 and its two-hundred day moving average price is $86.26.
Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly 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. The company had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm's revenue was up 3.9% compared to the same quarter last year. During the same period last year, the business posted $1.46 earnings per share. On average, analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.
Medtronic Increases Dividend
The firm also recently declared 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 an increase from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a dividend yield of 3.26%. The ex-dividend date of this dividend is Friday, June 27th. 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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