Spring Capital Management LLC purchased a new stake in shares of Medtronic plc (NYSE:MDT - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 39,033 shares of the medical technology company's stock, valued at approximately $3,508,000. Medtronic accounts for about 1.9% of Spring Capital Management LLC's holdings, making the stock its 23rd largest position.
Several other institutional investors and hedge funds have also modified their holdings of the stock. Mainstream Capital Management LLC acquired a new stake in Medtronic during the fourth quarter worth $26,000. Rakuten Securities Inc. boosted 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 worth $27,000 after purchasing an additional 294 shares during the period. Wood Tarver Financial Group LLC acquired a new position in Medtronic during the fourth quarter worth $27,000. Stephens Consulting LLC raised its position in Medtronic by 145.7% during the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company's stock worth $27,000 after acquiring an additional 204 shares in the last quarter. Finally, Optiver Holding B.V. acquired a new position in Medtronic in the 4th quarter valued at about $31,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.
Medtronic Price Performance
MDT stock traded up $1.32 during mid-day trading on Thursday, hitting $86.92. The company had a trading volume of 10,347,769 shares, compared to its average volume of 6,861,400. 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 12-month low of $75.96 and a 12-month high of $96.25. The company has a 50-day moving average price of $84.00 and a 200 day moving average price of $86.16. The company has a market capitalization of $111.47 billion, a price-to-earnings ratio of 26.42, a P/E/G ratio of 2.22 and a beta of 0.81.
Medtronic (NYSE:MDT - Get Free Report) last announced 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 firm had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The firm's revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.46 EPS. On average, research analysts anticipate that Medtronic plc will post 5.46 earnings per share 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 paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 3.27%. This is a boost 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 Analyst Weigh In
MDT has been the subject of several recent analyst reports. Truist Financial dropped 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. 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. Mizuho lowered their target price on Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Robert W. Baird cut their price target on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. Finally, Wall Street Zen cut shares of Medtronic from a "buy" rating to a "hold" rating in a research note on Saturday, May 24th. Nine 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 company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $97.00.
Read Our Latest Stock Analysis on Medtronic
Medtronic Company Profile
(
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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