Wealth Enhancement Advisory Services LLC Increases Stock Position in Medtronic PLC (NYSE:MDT)

Wealth Enhancement Advisory Services LLC boosted its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 11.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 531,059 shares of the medical technology company's stock after purchasing an additional 53,340 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Medtronic were worth $47,721,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MDT. MONECO Advisors LLC lifted its stake in shares of Medtronic by 1.8% in the 4th quarter. MONECO Advisors LLC now owns 6,408 shares of the medical technology company's stock valued at $512,000 after purchasing an additional 115 shares during the period. Faithward Advisors LLC lifted its stake in shares of Medtronic by 2.7% in the 4th quarter. Faithward Advisors LLC now owns 5,043 shares of the medical technology company's stock valued at $403,000 after purchasing an additional 134 shares during the period. Vestor Capital LLC lifted its stake in shares of Medtronic by 0.3% in the 4th quarter. Vestor Capital LLC now owns 51,375 shares of the medical technology company's stock valued at $4,104,000 after purchasing an additional 138 shares during the period. L. Roy Papp & Associates LLP lifted its stake in shares of Medtronic by 2.8% in the 1st quarter. L. Roy Papp & Associates LLP now owns 5,099 shares of the medical technology company's stock valued at $458,000 after purchasing an additional 138 shares during the period. Finally, Retirement Planning Co of New England Inc. lifted its stake in shares of Medtronic by 4.9% in the 4th quarter. Retirement Planning Co of New England Inc. now owns 2,989 shares of the medical technology company's stock valued at $239,000 after purchasing an additional 139 shares during the period. Institutional investors own 82.06% of the company's stock.

Medtronic Trading Up 0.7%

Shares of MDT traded up $0.57 during mid-day trading on Friday, reaching $86.30. The stock had a trading volume of 13,076,756 shares, compared to its average volume of 6,911,259. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. Medtronic PLC has a 52-week low of $75.96 and a 52-week high of $96.25. The business's fifty day moving average is $84.49 and its 200 day moving average is $86.27. The firm has a market cap of $110.68 billion, a price-to-earnings ratio of 23.84, a P/E/G ratio of 2.33 and a beta of 0.79.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data 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 net margin of 13.90% and a return on equity of 14.54%. The firm had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. During the same quarter in the prior year, the firm posted $1.46 earnings per share. Medtronic's quarterly revenue was up 3.9% on a year-over-year basis. 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 disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a $0.71 dividend. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.29%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio is currently 77.35%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Mizuho decreased their target price on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Royal Bank Of Canada reduced their price objective on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Leerink Partners began coverage on shares of Medtronic in a research report on Monday, June 16th. They set an "outperform" rating and a $110.00 price objective for the company. Finally, Wall Street Zen upgraded shares of Medtronic from a "hold" rating to a "buy" rating in a research report on Saturday. Eight investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Medtronic currently has a consensus rating of "Moderate Buy" and a consensus price target of $97.87.

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.