Somerset Trust Co Acquires 3,394 Shares of Medtronic plc (NYSE:MDT)

Somerset Trust Co raised its position in shares of Medtronic plc (NYSE:MDT - Free Report) by 7.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 48,759 shares of the medical technology company's stock after purchasing an additional 3,394 shares during the quarter. Medtronic accounts for 1.6% of Somerset Trust Co's portfolio, making the stock its 23rd largest position. Somerset Trust Co's holdings in Medtronic were worth $4,381,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. MONECO Advisors LLC boosted its position in shares of Medtronic by 1.8% during the 4th quarter. MONECO Advisors LLC now owns 6,408 shares of the medical technology company's stock worth $512,000 after acquiring an additional 115 shares in the last quarter. Faithward Advisors LLC boosted its position in shares of Medtronic by 2.7% in the 4th quarter. Faithward Advisors LLC now owns 5,043 shares of the medical technology company's stock valued at $403,000 after purchasing an additional 134 shares during the period. Vestor Capital LLC boosted its position in shares of Medtronic by 0.3% in the 4th quarter. Vestor Capital LLC now owns 51,375 shares of the medical technology company's stock valued at $4,104,000 after purchasing an additional 138 shares during the period. Retirement Planning Co of New England Inc. boosted its position in shares of Medtronic by 4.9% in the 4th quarter. Retirement Planning Co of New England Inc. now owns 2,989 shares of the medical technology company's stock valued at $239,000 after purchasing an additional 139 shares during the period. Finally, Alliance Wealth Advisors LLC UT boosted its position in shares of Medtronic by 0.3% in the 4th quarter. Alliance Wealth Advisors LLC UT now owns 54,456 shares of the medical technology company's stock valued at $4,350,000 after purchasing an additional 145 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

Analyst Ratings Changes

MDT has been the subject of a number of research analyst reports. Royal Bank of Canada decreased their target price on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Robert W. Baird decreased their target price on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a research report on Thursday, May 22nd. Mizuho decreased their price objective on Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Citigroup raised Medtronic from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Finally, UBS Group increased their price objective on Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Nine investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Medtronic currently has a consensus rating of "Moderate Buy" and a consensus price target of $97.00.

Medtronic Stock Up 0.9%

Shares of Medtronic stock traded up $0.75 on Monday, reaching $83.73. The stock had a trading volume of 7,903,671 shares, compared to its average volume of 6,813,155. The company has a 50 day moving average price of $84.19 and a 200 day moving average price of $86.19. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $96.25. The stock has a market capitalization of $107.38 billion, a P/E ratio of 25.45, a P/E/G ratio of 2.22 and a beta of 0.81.

Medtronic (NYSE:MDT - Get Free Report) last released its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.58 by $0.04. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The business had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. During the same quarter in the prior year, the firm earned $1.46 earnings per share. The company's revenue for the quarter was up 3.9% compared to the same quarter last year. As a group, equities research analysts forecast that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders 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 yield of 3.39%. 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 is 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.