60,296 Shares in Medtronic plc (NYSE:MDT) Purchased by Perennial Advisors LLC

Perennial Advisors LLC acquired a new position in Medtronic plc (NYSE:MDT - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 60,296 shares of the medical technology company's stock, valued at approximately $4,817,000.

Several other institutional investors and hedge funds have also bought and sold shares of MDT. Vermillion Wealth Management Inc. purchased a new stake in shares of Medtronic in the fourth quarter worth $324,000. Mackenzie Financial Corp grew its stake in shares of Medtronic by 8.5% in the fourth quarter. Mackenzie Financial Corp now owns 751,758 shares of the medical technology company's stock worth $60,050,000 after acquiring an additional 58,796 shares during the last quarter. Wealth Management Strategies Inc. purchased a new stake in shares of Medtronic in the fourth quarter worth $262,000. Michels Family Financial LLC purchased a new stake in shares of Medtronic in the fourth quarter worth $564,000. Finally, Castlekeep Investment Advisors LLC purchased a new stake in shares of Medtronic in the fourth quarter worth $1,143,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of NYSE MDT traded up $0.08 during trading on Wednesday, hitting $81.26. The company had a trading volume of 7,514,297 shares, compared to its average volume of 6,817,858. The stock has a 50 day simple moving average of $84.64 and a 200 day simple moving average of $86.31. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $96.25. The firm has a market capitalization of $104.22 billion, a P/E ratio of 24.70, a price-to-earnings-growth ratio of 2.22 and a beta of 0.81.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data 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 return on equity of 14.07% and a net margin of 12.83%. The firm had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. During the same quarter last year, the company earned $1.46 earnings per share. The business's revenue for the quarter was up 3.9% compared to the same quarter last year. As a group, analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.49%. This is a boost from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio (DPR) is currently 78.45%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on MDT shares. Mizuho lowered their price target on Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. Robert W. Baird lowered their price target on Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Wall Street Zen downgraded Medtronic from a "buy" rating to a "hold" rating in a report on Saturday. UBS Group increased their target price on Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. Finally, Truist Financial lowered their target price on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a report on Friday, April 11th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $96.07.

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.