Spire Wealth Management Has $4.85 Million Stake in Medtronic PLC (NYSE:MDT)

Spire Wealth Management lifted its position in Medtronic PLC (NYSE:MDT - Free Report) by 355.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 53,959 shares of the medical technology company's stock after acquiring an additional 42,110 shares during the period. Spire Wealth Management's holdings in Medtronic were worth $4,849,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Mainstream Capital Management LLC acquired a new stake in shares of Medtronic in the 4th quarter valued at about $26,000. Burkett Financial Services LLC grew its position in Medtronic by 185.0% in the first 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. Rakuten Securities Inc. increased its stake in Medtronic by 753.8% in the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock valued at $27,000 after buying an additional 294 shares during the last quarter. Wood Tarver Financial Group LLC bought a new stake in Medtronic during the 4th quarter worth about $27,000. Finally, Optiver Holding B.V. acquired a new position in shares of Medtronic during the 4th quarter worth approximately $31,000. Institutional investors own 82.06% of the company's stock.

Medtronic Trading Up 0.5%

NYSE:MDT traded up $0.44 on Thursday, reaching $86.41. 10,821,631 shares of the stock traded hands, compared to its average volume of 6,963,939. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. Medtronic PLC has a 1-year low of $75.96 and a 1-year high of $96.25. The company's 50 day moving average is $84.67 and its 200-day moving average is $86.29. The firm has a market capitalization of $110.83 billion, a price-to-earnings ratio of 23.87, a price-to-earnings-growth ratio of 2.32 and a beta of 0.79.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly 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 business had revenue of $8.93 billion for the quarter, compared to analysts' expectations of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The business's quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.46 earnings per share. Equities research analysts anticipate that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently declared 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. The ex-dividend date is Friday, June 27th. This represents a $2.84 annualized dividend and a yield of 3.29%. 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

Several research analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Robert W. Baird lowered their price target on Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research report on Thursday, May 22nd. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Royal Bank Of Canada reduced their target price on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Finally, Truist Financial decreased their target price on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a report on Friday, April 11th. Eight research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Medtronic presently has a consensus rating of "Moderate Buy" and an average target price of $97.87.

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.