Stephens Inc. AR Boosts Stock Holdings in Medtronic PLC (NYSE:MDT)

Stephens Inc. AR raised its position in Medtronic PLC (NYSE:MDT - Free Report) by 68.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 285,385 shares of the medical technology company's stock after acquiring an additional 115,475 shares during the quarter. Stephens Inc. AR's holdings in Medtronic were worth $25,645,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new position in Medtronic in the fourth quarter worth $1,163,580,000. Beutel Goodman & Co Ltd. bought a new stake in shares of Medtronic in the 4th quarter worth $377,169,000. Invesco Ltd. grew its stake in shares of Medtronic by 17.8% in the fourth quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock worth $1,233,769,000 after acquiring an additional 2,333,600 shares during the period. Burgundy Asset Management Ltd. bought a new stake in shares of Medtronic in the fourth quarter worth $174,329,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Medtronic in the fourth quarter worth approximately $139,869,000. 82.06% of the stock is owned by institutional investors.

Medtronic Price Performance

Medtronic stock traded down $0.24 during midday trading on Monday, reaching $89.68. The company had a trading volume of 2,431,332 shares, compared to its average volume of 7,009,745. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. Medtronic PLC has a 12-month low of $76.68 and a 12-month high of $96.25. The company has a market capitalization of $115.02 billion, a P/E ratio of 24.75, a P/E/G ratio of 2.33 and a beta of 0.80. The firm's fifty day simple moving average is $85.77 and its 200-day simple moving average is $86.89.

Medtronic (NYSE:MDT - Get Free Report) last issued 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. The business had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The company's revenue for the quarter was up 3.9% on a year-over-year basis. During the same period last year, the company earned $1.46 EPS. As a group, equities analysts anticipate that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were issued a dividend of $0.71 per share. This is an increase from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date was Friday, June 27th. This represents a $2.84 annualized dividend and a yield of 3.17%. Medtronic's dividend payout ratio is 78.45%.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Wolfe Research raised Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Truist Financial cut their price objective on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a report on Friday, April 11th. Wall Street Zen upgraded shares of Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Royal Bank Of Canada cut their price objective on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Finally, Leerink Partners assumed coverage on Medtronic in a research report on Monday, June 16th. They issued an "outperform" rating and a $110.00 target price on the stock. Ten investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Medtronic presently has an average rating of "Moderate Buy" and a consensus price target of $97.47.

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.