Stonebridge Financial Group LLC Grows Position in Medtronic PLC (NYSE:MDT)

Stonebridge Financial Group LLC grew its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 29.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 39,493 shares of the medical technology company's stock after purchasing an additional 8,973 shares during the quarter. Stonebridge Financial Group LLC's holdings in Medtronic were worth $3,549,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. TCTC Holdings LLC boosted its stake in shares of Medtronic by 3.4% during the fourth quarter. TCTC Holdings LLC now owns 39,718 shares of the medical technology company's stock valued at $3,173,000 after purchasing an additional 1,301 shares during the period. Brighton Jones LLC boosted its stake in shares of Medtronic by 1,368.0% during the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after purchasing an additional 37,265 shares during the period. Oxford Asset Management LLP boosted its stake in shares of Medtronic by 70.1% during the fourth quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company's stock valued at $594,000 after purchasing an additional 3,068 shares during the period. New Vernon Investment Management LLC boosted its stake in shares of Medtronic by 304.9% during the fourth quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company's stock valued at $2,425,000 after purchasing an additional 22,300 shares during the period. Finally, Argent Trust Co boosted its stake in shares of Medtronic by 13.6% during the fourth quarter. Argent Trust Co now owns 56,020 shares of the medical technology company's stock valued at $4,475,000 after purchasing an additional 6,721 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Stock Performance

Shares of Medtronic stock opened at $86.19 on Friday. 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 firm has a market capitalization of $110.54 billion, a P/E ratio of 23.81, a P/E/G ratio of 2.32 and a beta of 0.79. The business has a fifty day simple moving average of $84.82 and a two-hundred day simple moving average of $86.35. Medtronic PLC has a 12 month low of $75.96 and a 12 month high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating the consensus estimate of $1.58 by $0.04. The business had revenue of $8.93 billion during the quarter, compared to analyst estimates 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 quarter last year, the firm posted $1.46 earnings per share. On average, equities analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend 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 (DPR) is currently 77.35%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Wall Street Zen raised Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Royal Bank Of Canada dropped their price target on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Mizuho dropped their price target on Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Finally, Citigroup raised Medtronic from a "neutral" rating to a "buy" rating and raised their price target for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Medtronic has a consensus rating of "Moderate Buy" and an average price target 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.

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