Wealthfront Advisers LLC Acquires 24,000 Shares of Medtronic PLC (NYSE:MDT)

Wealthfront Advisers LLC increased its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 38.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 86,005 shares of the medical technology company's stock after buying an additional 24,000 shares during the quarter. Wealthfront Advisers LLC's holdings in Medtronic were worth $7,728,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Medtronic by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company's stock worth $9,921,367,000 after buying an additional 754,395 shares during the period. Capital Research Global Investors lifted its holdings in shares of Medtronic by 1.8% in the fourth quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company's stock valued at $2,652,310,000 after purchasing an additional 571,700 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Medtronic by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company's stock valued at $2,155,085,000 after purchasing an additional 574,055 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Medtronic by 7.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company's stock valued at $2,001,903,000 after purchasing an additional 1,461,841 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Medtronic by 3.8% in the first quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company's stock valued at $1,858,332,000 after purchasing an additional 756,192 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Price Performance

Shares of MDT traded down $0.17 during midday trading on Thursday, reaching $89.61. The stock had a trading volume of 6,951,657 shares, compared to its average volume of 7,033,245. The company's 50-day moving average is $86.16 and its 200 day moving average is $86.99. Medtronic PLC has a 12-month low of $78.32 and a 12-month high of $96.25. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $114.93 billion, a price-to-earnings ratio of 24.75, a price-to-earnings-growth ratio of 2.33 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last released its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share 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 company had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. During the same quarter in the previous year, the company posted $1.46 EPS. Medtronic's revenue for the quarter was up 3.9% on a year-over-year basis. On average, equities analysts predict that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date was Friday, June 27th. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's payout ratio is 78.45%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Citigroup lifted their price target on 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 report on Friday, July 11th. Royal Bank Of Canada lowered their target price on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Leerink Partners started coverage on Medtronic in a research note on Monday, June 16th. They issued an "outperform" rating and a $110.00 target price on the stock. Finally, Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. Eleven 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 presently has a consensus rating of "Moderate Buy" and a consensus price target of $98.19.

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.