Sowell Financial Services LLC Buys New Shares in Medtronic PLC (NYSE:MDT)

Sowell Financial Services LLC bought a new position in Medtronic PLC (NYSE:MDT - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 9,456 shares of the medical technology company's stock, valued at approximately $850,000.

A number of other large investors also recently modified their holdings of the stock. Mainstream Capital Management LLC acquired a new position in Medtronic during the 4th quarter worth $26,000. Burkett Financial Services LLC raised its position in shares of Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after acquiring an additional 185 shares during the last quarter. Rakuten Securities Inc. lifted its stake in shares of Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock valued at $27,000 after acquiring an additional 294 shares during the period. Wood Tarver Financial Group LLC bought a new position in Medtronic in the fourth quarter valued at about $27,000. Finally, Optiver Holding B.V. acquired a new stake in Medtronic in the fourth quarter worth about $31,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Down 0.6%

Shares of NYSE MDT traded down $0.49 during midday trading on Thursday, reaching $85.68. The company's stock had a trading volume of 8,514,360 shares, compared to its average volume of 6,904,198. The stock has a 50 day simple moving average of $84.35 and a 200-day simple moving average of $86.26. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $109.88 billion, a price-to-earnings ratio of 23.67, a PEG ratio of 2.33 and a beta of 0.79. Medtronic PLC has a fifty-two week low of $75.96 and a fifty-two week high of $96.25.

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

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 3.31%. The ex-dividend date is Friday, June 27th. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio is presently 77.35%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Citigroup upgraded shares of Medtronic from a "neutral" rating to a "buy" rating and upped their target price for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Truist Financial reduced their price objective 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. Robert W. Baird dropped their target price 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. Wall Street Zen lowered Medtronic from a "buy" rating to a "hold" rating in a research report on Saturday, May 24th. Finally, Royal Bank Of Canada decreased their price objective on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Nine equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Medtronic has a consensus rating of "Moderate Buy" and a consensus target price of $97.87.

About Medtronic

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.