MQS Management LLC Acquires New Stake in Medtronic PLC (NYSE:MDT)

MQS Management LLC acquired a new stake in Medtronic PLC (NYSE:MDT - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 7,715 shares of the medical technology company's stock, valued at approximately $693,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Prudent Man Advisors LLC lifted its stake in Medtronic by 2.9% in the first quarter. Prudent Man Advisors LLC now owns 6,539 shares of the medical technology company's stock valued at $588,000 after buying an additional 182 shares during the last quarter. Marks Group Wealth Management Inc lifted its stake in Medtronic by 1.3% in the first quarter. Marks Group Wealth Management Inc now owns 35,053 shares of the medical technology company's stock valued at $3,150,000 after buying an additional 441 shares during the last quarter. CWM LLC lifted its stake in Medtronic by 7.1% in the first quarter. CWM LLC now owns 292,896 shares of the medical technology company's stock valued at $26,320,000 after buying an additional 19,438 shares during the last quarter. Hughes Financial Services LLC purchased a new stake in Medtronic in the first quarter valued at approximately $32,000. Finally, Stephens Inc. AR lifted its stake in Medtronic by 68.0% in the first quarter. Stephens Inc. AR now owns 285,385 shares of the medical technology company's stock valued at $25,645,000 after buying an additional 115,475 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Price Performance

Medtronic stock traded up $0.62 during trading hours on Friday, hitting $90.02. The stock had a trading volume of 12,258,801 shares, 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 market capitalization of $115.45 billion, a price-to-earnings ratio of 24.87, a PEG ratio of 2.33 and a beta of 0.80. Medtronic PLC has a 1-year low of $76.68 and a 1-year high of $96.25. The stock's fifty day moving average is $85.77 and its two-hundred day moving average is $86.86.

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 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 analyst estimates of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. Medtronic's revenue was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.46 earnings per share. As a group, analysts predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were paid a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.15%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio (DPR) is presently 78.45%.

Analysts Set New Price Targets

MDT has been the subject of several analyst reports. Leerink Partners initiated coverage on Medtronic in a research note on Monday, June 16th. They set an "outperform" rating and a $110.00 price target for the company. Citigroup upped their price target on Medtronic from $98.00 to $99.00 and gave the stock a "buy" rating in a research note on Wednesday. Evercore ISI upped their price target on Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Truist Financial cut their price target on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research note on Friday, April 11th. Finally, Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Nine equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $97.47.

About Medtronic

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.