Oppenheimer & Co. Inc. Buys 15,296 Shares of Medtronic PLC (NYSE:MDT)

Oppenheimer & Co. Inc. grew its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 8.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 201,928 shares of the medical technology company's stock after buying an additional 15,296 shares during the period. Oppenheimer & Co. Inc.'s holdings in Medtronic were worth $18,145,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Burkett Financial Services LLC increased its stake in Medtronic by 185.0% in the 1st 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 in the last quarter. Mainstream Capital Management LLC purchased a new position in shares of Medtronic in the fourth quarter valued at about $26,000. Rakuten Securities Inc. grew its position in shares of 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 purchasing an additional 294 shares in the last quarter. Wood Tarver Financial Group LLC purchased a new stake in shares of Medtronic during the fourth quarter worth about $27,000. Finally, Optiver Holding B.V. bought a new stake in Medtronic during the 4th quarter valued at approximately $31,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on MDT shares. Citigroup upgraded Medtronic from a "neutral" rating to a "buy" rating and upped their price target for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Robert W. Baird lowered their target price on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Mizuho dropped their target price on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a report on Friday, June 6th. Finally, Royal Bank Of Canada dropped their price objective on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Eight investment 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 company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $97.87.

Medtronic Trading Up 0.7%

Shares of NYSE MDT opened at $86.30 on Monday. The business's 50 day moving average price is $84.49 and its 200-day moving average price is $86.28. Medtronic PLC has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. 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 company has a market cap of $110.68 billion, a price-to-earnings ratio of 23.84, a PEG ratio of 2.33 and a beta of 0.79.

Medtronic (NYSE:MDT - Get Free Report) last released its 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. The business had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The business's revenue for the quarter was up 3.9% compared to the same quarter last year. During the same period last year, the company earned $1.46 earnings per share. On average, sell-side analysts expect that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be paid a $0.71 dividend. This is an increase from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date is Friday, June 27th. Medtronic's dividend payout ratio is currently 77.35%.

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.

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