PDS Planning Inc Invests $294,000 in Medtronic PLC (NYSE:MDT)

PDS Planning Inc acquired a new position in Medtronic PLC (NYSE:MDT - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 3,277 shares of the medical technology company's stock, valued at approximately $294,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Mainstream Capital Management LLC purchased a new stake in shares of Medtronic during the 4th quarter valued at about $26,000. Burkett Financial Services LLC grew its holdings in Medtronic by 185.0% during the first 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. increased its holdings in Medtronic by 753.8% in 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 purchased a new stake in shares of Medtronic in the fourth quarter worth $27,000. Finally, Optiver Holding B.V. bought a new stake in Medtronic during the fourth quarter valued at about $31,000. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Up 0.0%

MDT stock opened at $86.19 on Friday. 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's fifty day simple moving average is $84.82 and its 200-day simple moving average is $86.33. Medtronic PLC has a 12 month low of $75.96 and a 12 month high of $96.25. The company has a market capitalization of $110.54 billion, a P/E ratio of 23.81, a price-to-earnings-growth ratio of 2.33 and a beta of 0.79.

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

Medtronic Increases Dividend

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

Analysts Set New Price Targets

MDT has been the topic of several recent analyst reports. Royal Bank Of Canada reduced their price objective on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. Mizuho dropped their price target on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Truist Financial decreased their price target on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research note on Friday, April 11th. Finally, Wall Street Zen raised shares of Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Eight 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. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $97.87.

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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