Novem Group Buys 3,749 Shares of Medtronic PLC (NYSE:MDT)

Novem Group lifted its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 10.4% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 39,856 shares of the medical technology company's stock after buying an additional 3,749 shares during the quarter. Novem Group's holdings in Medtronic were worth $3,581,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Private Trust Co. NA increased its stake in Medtronic by 10.2% in the 1st quarter. Private Trust Co. NA now owns 9,349 shares of the medical technology company's stock valued at $840,000 after buying an additional 863 shares during the period. Pinnacle Financial Partners Inc increased its stake in shares of Medtronic by 1.7% during the 1st quarter. Pinnacle Financial Partners Inc now owns 158,706 shares of the medical technology company's stock worth $14,261,000 after purchasing an additional 2,586 shares during the last quarter. Kanawha Capital Management LLC increased its position in Medtronic by 3.4% during the first quarter. Kanawha Capital Management LLC now owns 119,150 shares of the medical technology company's stock worth $10,707,000 after buying an additional 3,967 shares during the last quarter. Aaron Wealth Advisors LLC increased its position in Medtronic by 12.6% during the first quarter. Aaron Wealth Advisors LLC now owns 7,743 shares of the medical technology company's stock worth $696,000 after buying an additional 865 shares during the last quarter. Finally, NovaPoint Capital LLC increased its holdings in shares of Medtronic by 1.8% during the 1st quarter. NovaPoint Capital LLC now owns 33,076 shares of the medical technology company's stock valued at $2,972,000 after acquiring an additional 591 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on MDT shares. Royal Bank Of Canada lowered their price objective on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Wall Street Zen raised Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Leerink Partnrs raised shares of Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. 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. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Nine research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $97.87.

Medtronic Stock Up 0.2%

Shares of NYSE MDT traded up $0.22 during trading on Thursday, hitting $88.50. The stock had a trading volume of 2,989,470 shares, compared to its average volume of 6,988,170. Medtronic PLC has a 12 month low of $75.96 and a 12 month high of $96.25. 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 firm has a fifty day moving average of $85.12 and a two-hundred day moving average of $86.44. The company has a market capitalization of $113.50 billion, a PE ratio of 16.05, a PEG ratio of 2.38 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly 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. 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 analyst estimates of $8.81 billion. During the same quarter in the prior year, the business earned $1.46 earnings per share. The firm's revenue for the quarter was up 3.9% on a year-over-year basis. As a group, equities research analysts forecast that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date is Friday, June 27th. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio (DPR) is currently 78.45%.

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.