Summit Investment Advisory Services LLC Acquires Shares of 3,228 Medtronic plc (NYSE:MDT)

Summit Investment Advisory Services LLC acquired a new stake in Medtronic plc (NYSE:MDT - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,228 shares of the medical technology company's stock, valued at approximately $290,000.

Other large investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its stake in Medtronic by 1,368.0% in the 4th 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 last quarter. Mather Group LLC. raised its position in shares of Medtronic by 7.1% in the fourth quarter. Mather Group LLC. now owns 2,517 shares of the medical technology company's stock valued at $201,000 after buying an additional 167 shares during the last quarter. Sargent Investment Group LLC purchased a new position in shares of Medtronic during the fourth quarter valued at approximately $453,000. Y.D. More Investments Ltd boosted its position in Medtronic by 19.5% during the fourth quarter. Y.D. More Investments Ltd now owns 1,449 shares of the medical technology company's stock worth $116,000 after acquiring an additional 236 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in Medtronic by 65.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 140,049 shares of the medical technology company's stock worth $11,273,000 after acquiring an additional 55,552 shares during the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have weighed in on MDT. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research note on Friday. Mizuho reduced their target price on Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. Truist Financial lowered their price target on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a report on Friday, April 11th. UBS Group upped their price objective on shares of Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Finally, Robert W. Baird cut their price objective on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Nine analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Medtronic presently has an average rating of "Moderate Buy" and a consensus price target of $97.00.

Medtronic Trading Up 0.4%

Shares of Medtronic stock traded up $0.38 during trading hours on Friday, hitting $87.38. The company's stock had a trading volume of 7,577,391 shares, compared to its average volume of 6,861,534. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $112.07 billion, a PE ratio of 26.56, a P/E/G ratio of 2.22 and a beta of 0.79. The business has a fifty day moving average of $83.92 and a 200 day moving average of $86.17. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 14.07% and a net margin of 12.83%. The firm's quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.46 EPS. As a group, equities analysts forecast that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The business 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. This represents a $2.84 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date is Friday, June 27th. This is a boost from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio is currently 78.45%.

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.