Smith Salley Wealth Management lifted its position in Medtronic PLC (NYSE:MDT - Free Report) by 2.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 180,276 shares of the medical technology company's stock after purchasing an additional 3,588 shares during the quarter. Smith Salley Wealth Management's holdings in Medtronic were worth $16,200,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. TCTC Holdings LLC boosted its holdings in Medtronic by 3.4% in the fourth quarter. TCTC Holdings LLC now owns 39,718 shares of the medical technology company's stock valued at $3,173,000 after purchasing an additional 1,301 shares during the last quarter. Brighton Jones LLC lifted its holdings in Medtronic by 1,368.0% in the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after acquiring an additional 37,265 shares during the period. Oxford Asset Management LLP boosted its position 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 worth $594,000 after purchasing an additional 3,068 shares in the last quarter. New Vernon Investment Management LLC boosted its stake in shares of Medtronic by 304.9% during the 4th quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company's stock worth $2,425,000 after acquiring an additional 22,300 shares in the last quarter. Finally, Argent Trust Co grew its position in shares of Medtronic by 13.6% during the 4th quarter. Argent Trust Co now owns 56,020 shares of the medical technology company's stock valued at $4,475,000 after acquiring an additional 6,721 shares during the period. Institutional investors and hedge funds own 82.06% of the company's stock.
Medtronic Stock Down 0.4%
MDT stock traded down $0.33 during midday trading on Wednesday, hitting $88.42. The company's stock had a trading volume of 8,662,925 shares, compared to its average volume of 6,987,565. Medtronic PLC has a 52-week low of $75.96 and a 52-week high of $96.25. The firm has a 50-day simple moving average of $85.03 and a 200-day simple moving average of $86.43. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $113.40 billion, a P/E ratio of 24.43, a PEG ratio of 2.40 and a beta of 0.80.
Medtronic (NYSE:MDT - Get Free Report) last released its earnings results 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. The firm had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. Medtronic's revenue for the quarter was up 3.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.46 EPS. As a group, equities analysts forecast that Medtronic PLC will post 5.46 EPS for the current year.
Medtronic Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.21%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, June 27th. Medtronic's dividend payout ratio (DPR) is presently 78.45%.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently issued reports on MDT shares. Truist Financial dropped their price target on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research note on Friday, April 11th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and raised their price target for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Mizuho lowered their price objective on Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. Finally, Leerink Partners started coverage on Medtronic in a report on Monday, June 16th. They set an "outperform" rating and a $110.00 target price for the company. Nine analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $97.87.
Check Out Our Latest Research Report on Medtronic
About Medtronic
(
Free Report)
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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