Vermillion Wealth Management Inc. Purchases New Stake in Medtronic plc (NYSE:MDT)

Vermillion Wealth Management Inc. acquired a new position in shares of Medtronic plc (NYSE:MDT - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 4,053 shares of the medical technology company's stock, valued at approximately $324,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MDT. Red Door Wealth Management LLC grew its holdings in Medtronic by 13.8% in the 4th quarter. Red Door Wealth Management LLC now owns 4,225 shares of the medical technology company's stock valued at $337,000 after buying an additional 512 shares during the period. Secure Asset Management LLC purchased a new stake in Medtronic in the 4th quarter valued at about $285,000. Apeiron RIA LLC grew its holdings in Medtronic by 41.1% in the 4th quarter. Apeiron RIA LLC now owns 3,724 shares of the medical technology company's stock valued at $297,000 after buying an additional 1,084 shares during the period. Brighton Jones LLC grew its holdings 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 buying an additional 37,265 shares during the period. Finally, Cornerstone Wealth Management LLC grew its holdings in shares of Medtronic by 11.5% during the 4th quarter. Cornerstone Wealth Management LLC now owns 14,242 shares of the medical technology company's stock worth $1,138,000 after purchasing an additional 1,464 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Stock Up 0.4%

Shares of MDT traded up $0.29 during trading on Friday, reaching $82.70. The company's stock had a trading volume of 2,875,388 shares, compared to its average volume of 6,803,502. The company has a fifty day moving average of $84.30 and a two-hundred day moving average of $86.24. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $96.25. The company has a market cap of $106.07 billion, a price-to-earnings ratio of 25.13, a P/E/G ratio of 2.22 and a beta of 0.81. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT - Get Free Report) last posted 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 business had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The business's revenue was up 3.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.46 EPS. On average, sell-side analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be given a dividend of $0.71 per share. This is a positive change from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a dividend yield of 3.43%. The ex-dividend date of this dividend is Friday, June 27th. Medtronic's dividend payout ratio is currently 78.45%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on MDT shares. Mizuho decreased their target price on Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Robert W. Baird decreased their target price on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. Royal Bank of Canada decreased their target price on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Citigroup upgraded Medtronic from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research report on Monday, May 19th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $96.07.

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.