Stratos Investment Management LLC Has $2.94 Million Stake in Medtronic PLC (NYSE:MDT)

Stratos Investment Management LLC lifted its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 13.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 32,680 shares of the medical technology company's stock after purchasing an additional 3,776 shares during the period. Stratos Investment Management LLC's holdings in Medtronic were worth $2,937,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. TCTC Holdings LLC lifted its holdings 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 worth $3,173,000 after purchasing an additional 1,301 shares during the period. Brighton Jones LLC lifted its holdings 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 worth $3,194,000 after purchasing an additional 37,265 shares during the period. Oxford Asset Management LLP lifted its holdings 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 worth $594,000 after purchasing an additional 3,068 shares during the period. New Vernon Investment Management LLC lifted its holdings 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 worth $2,425,000 after purchasing an additional 22,300 shares during the period. Finally, Insight Inv LLC raised its stake in Medtronic by 84.2% during the first quarter. Insight Inv LLC now owns 27,456 shares of the medical technology company's stock worth $2,467,000 after buying an additional 12,550 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Robert W. Baird lowered their target price on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Truist Financial lowered their target price on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research note on Friday, April 11th. Royal Bank Of Canada lowered their target price on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Evercore ISI lifted their target price on shares of Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a research note on Tuesday. Finally, Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Nine investment 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 stock. According to data from MarketBeat.com, Medtronic has a consensus rating of "Moderate Buy" and a consensus target price of $98.00.

Medtronic Stock Down 0.2%

MDT traded down $0.21 during midday trading on Wednesday, hitting $88.37. The company had a trading volume of 1,210,053 shares, compared to its average volume of 6,976,132. Medtronic PLC has a 52 week low of $75.96 and a 52 week high of $96.25. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $113.34 billion, a price-to-earnings ratio of 24.40, a PEG ratio of 2.37 and a beta of 0.80. The stock's 50 day moving average price is $85.45 and its 200 day moving average price is $86.69.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share 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 during the quarter, compared to the consensus estimate of $8.81 billion. During the same period in the previous year, the firm posted $1.46 earnings per share. The business's revenue was up 3.9% compared to the same quarter last year. On average, research analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be issued a dividend of $0.71 per share. This is a boost from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date of this dividend is Friday, June 27th. Medtronic's dividend payout ratio (DPR) is currently 78.45%.

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.