ProVise Management Group LLC Raises Stock Position in Medtronic PLC (NYSE:MDT)

Key Points

• ProVise Management Group LLC increased its stock holdings in Medtronic PLC by 11.9% during the first quarter, owning 140,497 shares valued at approximately $12.6 million.
• Several hedge funds have also adjusted their positions in Medtronic, with Dunhill Financial LLC growing its stake by 17.2%, contributing to over 82% of the company's stock being held by institutional investors.
• Medtronic announced a quarterly dividend of **$0.71**, reflecting a positive increase from the previous dividend, with a current annualized dividend yield of **3.1%**.

ProVise Management Group LLC boosted its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 11.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 140,497 shares of the medical technology company's stock after purchasing an additional 14,915 shares during the quarter. ProVise Management Group LLC's holdings in Medtronic were worth $12,625,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Brighton Jones LLC increased its stake in Medtronic by 1,368.0% in the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after buying an additional 37,265 shares during the last quarter. Oxford Asset Management LLP increased its stake in Medtronic by 70.1% in the 4th quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company's stock valued at $594,000 after buying an additional 3,068 shares during the last quarter. New Vernon Investment Management LLC increased its stake in Medtronic by 304.9% in the 4th quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company's stock valued at $2,425,000 after buying an additional 22,300 shares during the last quarter. Insight Inv LLC increased its stake in Medtronic by 84.2% in the 1st quarter. Insight Inv LLC now owns 27,456 shares of the medical technology company's stock valued at $2,467,000 after buying an additional 12,550 shares during the last quarter. Finally, Argent Trust Co increased its stake in Medtronic by 13.6% in the 4th quarter. Argent Trust Co now owns 56,020 shares of the medical technology company's stock valued at $4,475,000 after buying an additional 6,721 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Wall Street Analysts Forecast Growth

MDT has been the subject of several analyst reports. Mizuho increased their price objective on shares of Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Leerink Partners initiated coverage on shares of Medtronic in a research report on Monday, June 16th. They set an "outperform" rating and a $110.00 price target for the company. Wolfe Research upgraded shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. Morgan Stanley restated an "overweight" rating and set a $107.00 price target (up previously from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. 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 research report on Thursday, May 22nd. Eleven analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Medtronic presently has a consensus rating of "Moderate Buy" and an average target price of $98.19.

Medtronic Stock Performance

MDT stock traded down $0.93 during midday trading on Friday, reaching $89.31. 6,507,377 shares of the company's stock traded hands, compared to its average volume of 6,483,095. The company has a 50-day moving average price of $87.76 and a two-hundred day moving average price of $87.82. 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 $79.29 and a 52 week high of $96.25. The firm has a market capitalization of $114.54 billion, a PE ratio of 24.67, a price-to-earnings-growth ratio of 2.32 and a beta of 0.80.

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

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were paid a dividend of $0.71 per share. This is an increase from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Friday, June 27th. Medtronic's dividend payout ratio is presently 78.45%.

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.