Verdence Capital Advisors LLC Has $2.17 Million Position in Medtronic PLC (NYSE:MDT)

Verdence Capital Advisors LLC raised its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 114.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 24,100 shares of the medical technology company's stock after acquiring an additional 12,877 shares during the quarter. Verdence Capital Advisors LLC's holdings in Medtronic were worth $2,166,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently bought and sold shares of MDT. Lineweaver Wealth Advisors LLC increased its holdings in shares of Medtronic by 6.0% in the 1st quarter. Lineweaver Wealth Advisors LLC now owns 20,011 shares of the medical technology company's stock valued at $1,798,000 after purchasing an additional 1,129 shares during the period. Allen Capital Group LLC bought a new stake in Medtronic during the first quarter worth approximately $222,000. Trust Investment Advisors bought a new stake in shares of Medtronic in the first quarter valued at approximately $213,000. Cullen Frost Bankers Inc. boosted its position in shares of Medtronic by 2.4% in the first quarter. Cullen Frost Bankers Inc. now owns 284,261 shares of the medical technology company's stock valued at $25,544,000 after acquiring an additional 6,604 shares during the period. Finally, Parcion Private Wealth LLC boosted its position in shares of Medtronic by 5.2% in the first quarter. Parcion Private Wealth LLC now owns 106,084 shares of the medical technology company's stock valued at $9,533,000 after acquiring an additional 5,212 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MDT has been the subject of several research reports. Evercore ISI raised their target price on Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Royal Bank Of Canada lowered their target price on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Finally, Mizuho lifted their price target on shares of Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a research report on Wednesday. Eleven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Medtronic has a consensus rating of "Moderate Buy" and a consensus price target of $98.19.

Medtronic Stock Up 0.1%

Shares of NYSE:MDT traded up $0.10 during trading on Friday, hitting $89.63. 6,413,451 shares of the company's stock traded hands, compared to its average volume of 7,016,083. The company has a 50-day moving average price of $86.41 and a 200-day moving average price of $87.18. Medtronic PLC has a 52 week low of $78.32 and a 52 week high of $96.25. The company has a market cap of $114.95 billion, a price-to-earnings ratio of 24.76, a price-to-earnings-growth ratio of 2.33 and a beta of 0.80. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating 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 business had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. During the same quarter last year, the firm earned $1.46 EPS. Medtronic's revenue for the quarter was up 3.9% compared to the same quarter last year. As a group, research analysts forecast that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

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