Summit Trail Advisors LLC grew its position in Medtronic PLC (NYSE:MDT - Free Report) by 23.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,023 shares of the medical technology company's stock after acquiring an additional 4,129 shares during the quarter. Summit Trail Advisors LLC's holdings in Medtronic were worth $1,994,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in the company. Norges Bank bought a new stake in Medtronic in the fourth quarter worth about $1,163,580,000. Raymond James Financial Inc. purchased a new stake in shares of Medtronic in the fourth quarter worth approximately $852,732,000. Beutel Goodman & Co Ltd. bought a new stake in shares of Medtronic during the 4th quarter worth approximately $377,169,000. Invesco Ltd. boosted its holdings in Medtronic by 17.8% during the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock valued at $1,233,769,000 after acquiring an additional 2,333,600 shares during the period. Finally, Burgundy Asset Management Ltd. bought a new position in Medtronic in the 4th quarter valued at $174,329,000. Institutional investors own 82.06% of the company's stock.
Medtronic Stock Down 0.4%
MDT stock traded down $0.33 during trading on Wednesday, reaching $88.42. 8,662,925 shares of the company traded hands, compared to its average volume of 6,987,565. The business has a 50 day simple moving average of $85.03 and a 200 day simple moving average of $86.43. Medtronic PLC has a 12 month low of $75.96 and a 12 month high of $96.25. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The company has a market capitalization of $113.40 billion, a price-to-earnings ratio of 24.43, a price-to-earnings-growth ratio of 2.40 and a beta of 0.80.
Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results 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. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The business had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. During the same period in the prior year, the firm posted $1.46 earnings per share. The company's quarterly revenue was up 3.9% on a year-over-year basis. On average, equities research analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.
Medtronic Increases Dividend
The company 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 is a positive change from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a yield of 3.21%. The ex-dividend date of this dividend is Friday, June 27th. Medtronic's payout ratio is currently 78.45%.
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on MDT. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Citigroup upgraded shares of Medtronic from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Wall Street Zen upgraded shares of Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Royal Bank Of Canada lowered their price target on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Finally, Mizuho reduced their price objective on Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. Nine research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Medtronic currently has a consensus rating of "Moderate Buy" and a consensus price target of $97.87.
View Our Latest Stock Report on Medtronic
Medtronic 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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