Parr Mcknight Wealth Management Group LLC Makes New Investment in Medtronic plc (NYSE:MDT)

Parr Mcknight Wealth Management Group LLC acquired a new position in Medtronic plc (NYSE:MDT - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 19,578 shares of the medical technology company's stock, valued at approximately $1,564,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. MONECO Advisors LLC boosted its holdings in Medtronic by 1.8% in the fourth quarter. MONECO Advisors LLC now owns 6,408 shares of the medical technology company's stock worth $512,000 after purchasing an additional 115 shares during the period. OLD Second National Bank of Aurora boosted its holdings in Medtronic by 0.3% in the fourth quarter. OLD Second National Bank of Aurora now owns 36,303 shares of the medical technology company's stock worth $2,900,000 after purchasing an additional 121 shares during the period. McKinley Carter Wealth Services Inc. boosted its holdings in Medtronic by 0.7% in the fourth quarter. McKinley Carter Wealth Services Inc. now owns 19,677 shares of the medical technology company's stock worth $1,572,000 after purchasing an additional 129 shares during the period. Faithward Advisors LLC boosted its holdings in Medtronic by 2.7% in the fourth quarter. Faithward Advisors LLC now owns 5,043 shares of the medical technology company's stock worth $403,000 after purchasing an additional 134 shares during the period. Finally, Vestor Capital LLC boosted its holdings in Medtronic by 0.3% in the fourth quarter. Vestor Capital LLC now owns 51,375 shares of the medical technology company's stock worth $4,104,000 after purchasing an additional 138 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of NYSE MDT traded up $0.79 during midday trading on Thursday, reaching $82.03. 2,491,786 shares of the company traded hands, compared to its average volume of 6,801,688. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The stock has a 50-day moving average price of $84.46 and a 200 day moving average price of $86.28. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25. The company has a market cap of $105.21 billion, a price-to-earnings ratio of 24.94, a PEG ratio of 2.22 and a beta of 0.81.

Medtronic (NYSE:MDT - Get Free Report) last issued 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 12.83% and a return on equity of 14.07%. The firm had revenue of $8.93 billion for the quarter, compared to analysts' expectations of $8.81 billion. During the same period in the previous year, the business earned $1.46 earnings per share. Medtronic's revenue for the quarter was up 3.9% compared to the same quarter last year. Sell-side analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm 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 $0.71 dividend. The ex-dividend date is Friday, June 27th. This is a boost from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a yield of 3.46%. Medtronic's payout ratio is 78.45%.

Analyst Ratings Changes

MDT has been the subject of several analyst reports. Wall Street Zen downgraded shares of Medtronic from a "buy" rating to a "hold" rating in a report on Saturday, May 24th. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and boosted their price target for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. UBS Group boosted their price target on shares of Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. Royal Bank of Canada reduced their price target 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. Finally, Robert W. Baird reduced their price target on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. One analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $96.07.

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.