Scissortail Wealth Management LLC Buys 16,670 Shares of Medtronic PLC (NYSE:MDT)

Key Points

• Scissortail Wealth Management LLC increased its stake in Medtronic PLC by 58.8%, owning 45,017 shares valued at $4.05 million as of the end of the most recent quarter.
• Medtronic recently reported a quarterly earnings per share of $1.62, exceeding consensus estimates, and achieved a 3.9% increase in revenue year-over-year to $8.93 billion.
• The company declared a quarterly dividend of $0.71 per share, representing a yield of 3.1% and an increase from the previous dividend of $0.70.

Scissortail Wealth Management LLC increased its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 58.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,017 shares of the medical technology company's stock after acquiring an additional 16,670 shares during the quarter. Scissortail Wealth Management LLC's holdings in Medtronic were worth $4,045,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Burkett Financial Services LLC increased its stake in Medtronic by 185.0% during the 1st 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 in the last quarter. Wood Tarver Financial Group LLC bought a new stake in shares of Medtronic in the fourth quarter worth approximately $27,000. Columbia River Financial Group LLC bought a new stake in shares of Medtronic in the first quarter worth approximately $28,000. Optiver Holding B.V. bought a new stake in Medtronic during the fourth quarter valued at approximately $31,000. Finally, Hughes Financial Services LLC bought a new stake in Medtronic during the first quarter valued at approximately $32,000. 82.06% of the stock is currently owned by institutional investors.

Medtronic Price Performance

Medtronic stock traded up $0.81 during mid-day trading on Wednesday, reaching $92.89. 6,594,841 shares of the company's stock traded hands, compared to its average volume of 7,637,530. The company has a market cap of $119.07 billion, a price-to-earnings ratio of 25.66, a PEG ratio of 2.41 and a beta of 0.80. The stock has a 50 day moving average of $88.96 and a two-hundred day moving average of $87.97. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Medtronic PLC has a 12-month low of $79.29 and a 12-month 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 (EPS) for the quarter, beating analysts' consensus estimates of $1.58 by $0.04. The company 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 was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.46 earnings per share. Equities analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.1%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date was Friday, June 27th. Medtronic's dividend payout ratio (DPR) is presently 78.45%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Evercore ISI lifted their price target on shares of Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Mizuho lifted their price target on shares of Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. Leerink Partners assumed coverage on shares of Medtronic in a report on Monday, June 16th. They set an "outperform" rating and a $110.00 price target on the stock. Leerink Partnrs raised shares of Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a report on Friday, June 6th. Twelve 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 stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $98.19.

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.