Zhang Financial LLC bought a new position in Medtronic plc (NYSE:MDT - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 24,569 shares of the medical technology company's stock, valued at approximately $2,208,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Mainstream Capital Management LLC bought a new position in shares of Medtronic during the 4th quarter valued at $26,000. Burkett Financial Services LLC increased its stake in Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after purchasing an additional 185 shares during the period. Rakuten Securities Inc. lifted its position in Medtronic by 753.8% in the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock valued at $27,000 after purchasing an additional 294 shares during the last quarter. Wood Tarver Financial Group LLC purchased a new stake in shares of Medtronic during the fourth quarter valued at approximately $27,000. Finally, Optiver Holding B.V. purchased a new stake in shares of Medtronic during the fourth quarter valued at approximately $31,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.
Medtronic Stock Up 0.5%
Shares of NYSE MDT traded up $0.41 during mid-day trading on Thursday, hitting $88.47. 5,854,837 shares of the stock traded hands, compared to its average volume of 6,872,959. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25. The company has a market cap of $113.47 billion, a price-to-earnings ratio of 26.89, a PEG ratio of 2.22 and a beta of 0.79. The stock has a fifty day moving average price of $83.99 and a 200-day moving average price of $86.23.
Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.04. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The company had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. During the same period in the previous year, the company posted $1.46 earnings per share. The firm's revenue was up 3.9% on a year-over-year basis. Research analysts anticipate that Medtronic plc will post 5.46 EPS for the current 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. The ex-dividend date is Friday, June 27th. 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 3.21%. Medtronic's payout ratio is currently 78.45%.
Analyst Ratings Changes
MDT has been the subject of a number of recent analyst reports. Wall Street Zen lowered shares of Medtronic from a "buy" rating to a "hold" rating in a report on Saturday, May 24th. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and upped their price objective for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Royal Bank of Canada cut 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. Truist Financial cut their target price on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research note on Friday, April 11th. Finally, UBS Group lifted their price objective on Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Nine equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $97.00.
View Our Latest Stock Analysis on MDT
Medtronic Profile
(
Free Report)
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.
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