Old North State Wealth Management LLC Raises Stake in Medtronic PLC (NYSE:MDT)

Old North State Wealth Management LLC lifted its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 18.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,364 shares of the medical technology company's stock after purchasing an additional 6,250 shares during the quarter. Medtronic accounts for about 2.0% of Old North State Wealth Management LLC's investment portfolio, making the stock its 15th biggest holding. Old North State Wealth Management LLC's holdings in Medtronic were worth $3,541,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MDT. Dunhill Financial LLC raised its stake in Medtronic by 17.2% in the 1st quarter. Dunhill Financial LLC now owns 847 shares of the medical technology company's stock worth $76,000 after purchasing an additional 124 shares in the last quarter. Petros Family Wealth LLC raised its position in shares of Medtronic by 4.3% in the first quarter. Petros Family Wealth LLC now owns 3,111 shares of the medical technology company's stock valued at $280,000 after buying an additional 127 shares in the last quarter. Faithward Advisors LLC raised its position in shares of Medtronic by 2.7% in the fourth quarter. Faithward Advisors LLC now owns 5,043 shares of the medical technology company's stock valued at $403,000 after buying an additional 134 shares in the last quarter. Vestor Capital LLC raised its holdings in Medtronic by 0.3% in the 4th quarter. Vestor Capital LLC now owns 51,375 shares of the medical technology company's stock valued at $4,104,000 after acquiring an additional 138 shares in the last quarter. Finally, L. Roy Papp & Associates LLP raised its holdings in Medtronic by 2.8% in the 1st quarter. L. Roy Papp & Associates LLP now owns 5,099 shares of the medical technology company's stock valued at $458,000 after acquiring an additional 138 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on MDT shares. Leerink Partners started coverage on Medtronic in a report on Monday, June 16th. They set an "outperform" rating and a $110.00 price target for the company. Robert W. Baird lowered their price objective on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Truist Financial lowered their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research note on Friday, April 11th. Leerink Partnrs upgraded shares of Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. Finally, Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Eight investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $97.87.

Medtronic Trading Up 0.5%

Shares of NYSE:MDT opened at $86.41 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The stock has a market capitalization of $110.83 billion, a price-to-earnings ratio of 23.87, a PEG ratio of 2.32 and a beta of 0.79. The stock's 50-day simple moving average is $84.74 and its two-hundred day simple moving average is $86.31. Medtronic PLC has a 52-week low of $75.96 and a 52-week high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results 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 business had revenue of $8.93 billion for the quarter, compared to analysts' expectations of $8.81 billion. During the same quarter in the previous year, the company earned $1.46 EPS. The business's quarterly revenue was up 3.9% compared to the same quarter last year. Analysts expect that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.29%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio (DPR) is currently 77.35%.

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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