Synergy Asset Management LLC Has $8.83 Million Stake in Medtronic PLC (NYSE:MDT)

Synergy Asset Management LLC decreased its stake in Medtronic PLC (NYSE:MDT - Free Report) by 56.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 98,314 shares of the medical technology company's stock after selling 129,488 shares during the quarter. Medtronic makes up about 1.1% of Synergy Asset Management LLC's investment portfolio, making the stock its 24th largest position. Synergy Asset Management LLC's holdings in Medtronic were worth $8,834,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also bought and sold shares of MDT. Buck Wealth Strategies LLC bought a new stake in shares of Medtronic during the first quarter worth $957,000. Matrix Asset Advisors Inc. NY raised its position in shares of Medtronic by 11.8% during the first quarter. Matrix Asset Advisors Inc. NY now owns 362,252 shares of the medical technology company's stock worth $32,552,000 after acquiring an additional 38,297 shares during the last quarter. Sivik Global Healthcare LLC bought a new stake in shares of Medtronic during the first quarter worth $6,740,000. Nilsine Partners LLC raised its position in shares of Medtronic by 6.4% during the first quarter. Nilsine Partners LLC now owns 3,203 shares of the medical technology company's stock worth $288,000 after acquiring an additional 194 shares during the last quarter. Finally, Appleton Partners Inc. MA raised its position in shares of Medtronic by 4.8% during the first quarter. Appleton Partners Inc. MA now owns 34,894 shares of the medical technology company's stock worth $3,136,000 after acquiring an additional 1,590 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. Wall Street Zen raised Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday. Leerink Partners initiated coverage on Medtronic in a research note on Monday, June 16th. They set an "outperform" rating and a $110.00 price objective for the company. 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 lifted their price objective for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Eight investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $97.87.

Medtronic Trading Up 0.7%

NYSE MDT opened at $86.30 on Friday. Medtronic PLC has a 52 week low of $75.96 and a 52 week 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 stock's 50 day moving average price is $84.49 and its two-hundred day moving average price is $86.27. The stock has a market capitalization of $110.68 billion, a price-to-earnings ratio of 23.84, a PEG ratio of 2.33 and a beta of 0.79.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping analysts' consensus estimates of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The firm had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. During the same quarter in the prior year, the firm posted $1.46 EPS. The business's revenue was up 3.9% on a year-over-year basis. As a group, 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 given a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.29%. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio is 77.35%.

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.

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