Moloney Securities Asset Management LLC Grows Stake in Medtronic PLC (NYSE:MDT)

Moloney Securities Asset Management LLC lifted its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 28.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 44,010 shares of the medical technology company's stock after purchasing an additional 9,704 shares during the period. Moloney Securities Asset Management LLC's holdings in Medtronic were worth $3,955,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Burkett Financial Services LLC raised 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 buying an additional 185 shares during the last quarter. Columbia River Financial Group LLC bought a new position in Medtronic during the first quarter worth $28,000. Rakuten Securities Inc. raised its stake in Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after buying an additional 294 shares during the last quarter. Wood Tarver Financial Group LLC bought a new position in Medtronic during the fourth quarter worth $27,000. Finally, Optiver Holding B.V. bought a new position in Medtronic during the fourth quarter worth $31,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on MDT. Leerink Partnrs raised shares of Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Wall Street Zen raised shares of Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Wolfe Research raised shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Finally, Leerink Partners started coverage on shares of Medtronic in a research note on Monday, June 16th. They issued an "outperform" rating and a $110.00 price target for the company. Nine research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Medtronic has a consensus rating of "Moderate Buy" and a consensus target price of $97.47.

Medtronic Stock Up 0.7%

Shares of NYSE:MDT traded up $0.62 during midday trading on Friday, hitting $90.02. 12,258,801 shares of the company's stock were exchanged, compared to its average volume of 7,027,364. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. The stock has a 50 day moving average price of $85.77 and a 200-day moving average price of $86.86. The company has a market cap of $115.45 billion, a PE ratio of 24.87, a price-to-earnings-growth ratio of 2.33 and a beta of 0.80. Medtronic PLC has a 12 month low of $76.68 and a 12 month high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share 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 business 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 company earned $1.46 earnings per share. The firm's revenue for the quarter was up 3.9% compared to the same quarter last year. On average, sell-side analysts anticipate 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 issued a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, June 27th. This is a boost from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a yield of 3.15%. Medtronic's payout ratio is 78.45%.

Medtronic 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.