United Community Bank Has $2.40 Million Position in Medtronic PLC (NYSE:MDT)

United Community Bank raised its position in Medtronic PLC (NYSE:MDT - Free Report) by 310.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 26,687 shares of the medical technology company's stock after purchasing an additional 20,190 shares during the quarter. Medtronic accounts for approximately 0.9% of United Community Bank's holdings, making the stock its 22nd largest holding. United Community Bank's holdings in Medtronic were worth $2,398,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Brighton Jones LLC boosted its stake in shares of Medtronic by 1,368.0% during the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock worth $3,194,000 after buying an additional 37,265 shares during the last quarter. Proficio Capital Partners LLC acquired a new position in shares of Medtronic in the fourth quarter valued at $13,132,000. AGF Management Ltd. acquired a new stake in Medtronic during the fourth quarter worth approximately $335,000. PFG Advisors increased its position in Medtronic by 8.4% during the 4th quarter. PFG Advisors now owns 2,673 shares of the medical technology company's stock worth $214,000 after buying an additional 208 shares during the period. Finally, Envestnet Portfolio Solutions Inc. raised its stake in Medtronic by 1.7% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 190,937 shares of the medical technology company's stock worth $15,252,000 after purchasing an additional 3,255 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on MDT shares. Robert W. Baird decreased their price target on Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research report on Thursday, May 22nd. Evercore ISI raised their target price on shares of Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Citigroup upped their price target on shares of Medtronic from $98.00 to $99.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. BTIG Research reiterated a "neutral" rating on shares of Medtronic in a research report on Friday. Finally, Royal Bank Of Canada decreased their price objective on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Ten analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $97.47.

Medtronic Price Performance

Shares of MDT traded down $0.20 during trading hours on Monday, reaching $89.73. The stock had a trading volume of 8,911,756 shares, compared to its average volume of 7,831,454. The stock has a market capitalization of $115.08 billion, a PE ratio of 24.79, a PEG ratio of 2.33 and a beta of 0.80. Medtronic PLC has a 12 month low of $76.68 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's 50-day moving average is $85.77 and its two-hundred day moving average is $86.89.

Medtronic (NYSE:MDT - Get Free Report) last posted its 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 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 period last year, the company earned $1.46 earnings per share. The business's quarterly revenue was up 3.9% on a year-over-year basis. Research analysts expect that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.17%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, June 27th. Medtronic's payout ratio is presently 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.