Palisade Asset Management LLC Boosts Position in Medtronic PLC (NYSE:MDT)

Palisade Asset Management LLC lifted its position in Medtronic PLC (NYSE:MDT - Free Report) by 5.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,081 shares of the medical technology company's stock after acquiring an additional 3,035 shares during the quarter. Palisade Asset Management LLC's holdings in Medtronic were worth $5,309,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of MDT. Mainstream Capital Management LLC acquired a new position in shares of Medtronic during the fourth quarter valued at about $26,000. Burkett Financial Services LLC lifted its stake in shares of Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after purchasing an additional 185 shares during the period. Rakuten Securities Inc. boosted its stake in shares of Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after acquiring an additional 294 shares in the last quarter. Wood Tarver Financial Group LLC acquired a new stake in Medtronic in the fourth quarter valued at approximately $27,000. Finally, Optiver Holding B.V. acquired a new stake in Medtronic in the 4th quarter valued at $31,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on MDT. Truist Financial decreased their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a report on Friday, April 11th. Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a research report on Saturday. Mizuho decreased their price objective on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. Royal Bank Of Canada dropped their target price on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Medtronic presently has an average rating of "Moderate Buy" and a consensus target price of $97.87.

Medtronic Trading Down 0.0%

Medtronic stock traded down $0.03 during trading on Wednesday, reaching $86.05. The company had a trading volume of 8,461,675 shares, compared to its average volume of 6,942,421. 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 quick ratio of 1.42 and a current ratio of 1.85. The stock's 50 day moving average price is $84.67 and its two-hundred day moving average price is $86.29. The firm has a market capitalization of $110.36 billion, a price-to-earnings ratio of 23.77, a PEG ratio of 2.32 and a beta of 0.79.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.04. The company had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The business's quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.46 EPS. As a group, equities analysts expect that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently declared 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 3.30%. The ex-dividend date of this dividend is Friday, June 27th. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's payout ratio is 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.