Medtronic plc (NYSE:MDT) Shares Purchased by Sonora Investment Management Group LLC

Sonora Investment Management Group LLC raised its stake in shares of Medtronic plc (NYSE:MDT - Free Report) by 6.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 136,737 shares of the medical technology company's stock after purchasing an additional 8,074 shares during the period. Sonora Investment Management Group LLC's holdings in Medtronic were worth $12,287,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Mainstream Capital Management LLC acquired a new position in shares of Medtronic in the fourth quarter valued at approximately $26,000. Burkett Financial Services LLC grew its stake in shares of Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after purchasing an additional 185 shares during the period. Rakuten Securities Inc. boosted its position in Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after purchasing an additional 294 shares in the last quarter. Wood Tarver Financial Group LLC purchased a new position in shares of Medtronic during the 4th quarter worth approximately $27,000. Finally, Optiver Holding B.V. acquired a new position in shares of Medtronic in the fourth quarter valued at approximately $31,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently weighed in on MDT shares. Citigroup upgraded Medtronic from a "neutral" rating to a "buy" rating and raised their target price for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. UBS Group lifted their target price on Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Truist Financial decreased their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research report on Friday, April 11th. Wall Street Zen lowered Medtronic from a "buy" rating to a "hold" rating in a report on Saturday, May 24th. Finally, Mizuho lowered their price objective on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Nine research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $97.00.

Medtronic Trading Up 0.1%

Shares of MDT traded up $0.05 during trading hours on Wednesday, reaching $88.01. 4,643,169 shares of the company traded hands, compared to its average volume of 6,871,732. The firm has a market cap of $112.88 billion, a price-to-earnings ratio of 26.75, a PEG ratio of 2.22 and a beta of 0.79. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25. The stock's fifty day moving average price is $83.89 and its 200 day moving average price is $86.22. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48.

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

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.23%. The ex-dividend date is Friday, June 27th. This is an increase from Medtronic's previous quarterly dividend of $0.70. 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.