Meridian Wealth Management LLC Has $1.05 Million Stake in Medtronic PLC (NYSE:MDT)

Key Points

• Meridian Wealth Management LLC increased its stake in Medtronic PLC by 49.5% in the first quarter, owning 11,684 shares valued at $1.05 million.
• Medtronic reported Q1 earnings of $1.62 per share, exceeding estimates, with a revenue rise of 3.9% year-over-year to $8.93 billion.
• The company announced a quarterly dividend increase to $0.71, resulting in an annualized yield of 3.1% and a payout ratio of 78.45%.

Meridian Wealth Management LLC grew its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 49.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,684 shares of the medical technology company's stock after acquiring an additional 3,868 shares during the quarter. Meridian Wealth Management LLC's holdings in Medtronic were worth $1,050,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of MDT. Dunhill Financial LLC grew its holdings in Medtronic by 17.2% during the 1st quarter. Dunhill Financial LLC now owns 847 shares of the medical technology company's stock worth $76,000 after acquiring an additional 124 shares during the last quarter. Cidel Asset Management Inc. increased its position in Medtronic by 1.3% in the 1st quarter. Cidel Asset Management Inc. now owns 9,531 shares of the medical technology company's stock valued at $856,000 after acquiring an additional 126 shares during the period. Petros Family Wealth LLC increased its position in Medtronic by 4.3% in the 1st quarter. Petros Family Wealth LLC now owns 3,111 shares of the medical technology company's stock valued at $280,000 after acquiring an additional 127 shares during the period. Motco increased its position in Medtronic by 27.0% in the 1st quarter. Motco now owns 635 shares of the medical technology company's stock valued at $57,000 after acquiring an additional 135 shares during the period. Finally, Baker Avenue Asset Management LP increased its position in Medtronic by 3.1% in the 1st quarter. Baker Avenue Asset Management LP now owns 4,558 shares of the medical technology company's stock valued at $410,000 after acquiring an additional 136 shares during the period. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Stock Performance

Shares of MDT stock opened at $92.09 on Wednesday. The company has a market cap of $118.04 billion, a price-to-earnings ratio of 25.44, a price-to-earnings-growth ratio of 2.41 and a beta of 0.80. Medtronic PLC has a 52 week low of $79.29 and a 52 week high of $96.25. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The firm has a 50 day moving average of $88.96 and a 200-day moving average of $87.97.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping the consensus estimate of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The company had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. During the same quarter last year, the firm posted $1.46 EPS. The company's quarterly revenue was up 3.9% on a year-over-year basis. On average, equities analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were issued a $0.71 dividend. The ex-dividend date was Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.1%. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio (DPR) is 78.45%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on MDT shares. Leerink Partners started coverage on shares of Medtronic in a research report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price target for the company. Robert W. Baird decreased their price target 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. Citigroup upped their price target on shares of Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Wall Street Zen downgraded shares of Medtronic from a "buy" rating to a "hold" rating in a research report on Saturday. Finally, Royal Bank Of Canada decreased their target price on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Twelve equities research 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 stock. According to MarketBeat, Medtronic has an average rating of "Moderate Buy" and an average target price of $98.19.

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.

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