Phoenix Financial Ltd. Has $4.77 Million Stake in Medtronic PLC (NYSE:MDT)

Key Points

• Phoenix Financial Ltd. increased its stake in Medtronic PLC by 938.9%, owning 52,089 shares worth approximately $4.77 million at the end of the first quarter.
• Medtronic reported a net margin of 13.90% and a revenue of $8.93 billion in its latest quarterly earnings, exceeding analyst expectations.
• Medtronic's recent dividend was increased to $0.71 per share, resulting in an annualized dividend yield of 3.06%.

Phoenix Financial Ltd. lifted its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 938.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 52,089 shares of the medical technology company's stock after acquiring an additional 47,075 shares during the quarter. Phoenix Financial Ltd.'s holdings in Medtronic were worth $4,772,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Burkett Financial Services LLC grew its position in Medtronic by 185.0% in the first 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 during the last quarter. Wood Tarver Financial Group LLC acquired a new position in Medtronic in the fourth quarter worth approximately $27,000. Columbia River Financial Group LLC acquired a new position in Medtronic in the first quarter worth approximately $28,000. Optiver Holding B.V. acquired a new position in Medtronic in the fourth quarter worth approximately $31,000. Finally, Hughes Financial Services LLC acquired a new position in Medtronic in the first quarter worth approximately $32,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Leerink Partners assumed coverage on shares of Medtronic in a research note on Monday, June 16th. They issued an "outperform" rating and a $110.00 price objective for the company. BTIG Research reaffirmed a "neutral" rating on shares of Medtronic in a research note on Friday, July 11th. Wall Street Zen raised shares of Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Finally, Wolfe Research raised shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Eleven research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Medtronic currently has a consensus rating of "Moderate Buy" and an average price target of $98.19.

Medtronic Stock Down 0.2%

Shares of Medtronic stock traded down $0.16 during midday trading on Wednesday, reaching $92.28. 2,114,561 shares of the company's stock traded hands, compared to its average volume of 7,672,479. The company has a market cap of $118.35 billion, a price-to-earnings ratio of 25.51, a price-to-earnings-growth ratio of 2.39 and a beta of 0.80. The company's 50 day simple moving average is $87.26 and its 200 day simple moving average is $87.71. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. Medtronic PLC has a 52 week low of $78.96 and a 52 week high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating analysts' consensus estimates of $1.58 by $0.04. The business had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. Medtronic's revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.46 EPS. Equities analysts expect 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 was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were issued a dividend of $0.71 per share. The ex-dividend date was Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.08%. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio (DPR) is currently 78.45%.

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.