Brucke Financial Inc. Buys New Position in Medtronic plc (NYSE:MDT)

Brucke Financial Inc. purchased a new position in Medtronic plc (NYSE:MDT) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,207 shares of the medical technology company’s stock, valued at approximately $176,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Empowered Funds LLC boosted its holdings in Medtronic by 2.7% in the fourth quarter. Empowered Funds LLC now owns 105,822 shares of the medical technology company’s stock worth $8,453,000 after acquiring an additional 2,778 shares in the last quarter. Caprock Group LLC boosted its holdings in Medtronic by 12.6% in the fourth quarter. Caprock Group LLC now owns 47,767 shares of the medical technology company’s stock worth $3,849,000 after acquiring an additional 5,363 shares in the last quarter. Synergy Asset Management LLC boosted its holdings in Medtronic by 107.1% in the fourth quarter. Synergy Asset Management LLC now owns 227,802 shares of the medical technology company’s stock worth $19,353,000 after acquiring an additional 117,809 shares in the last quarter. Equitable Trust Co. boosted its holdings in Medtronic by 91.7% in the fourth quarter. Equitable Trust Co. now owns 39,645 shares of the medical technology company’s stock worth $3,167,000 after acquiring an additional 18,968 shares in the last quarter. Finally, Brentview Investment Management LLC purchased a new stake in shares of Medtronic in the fourth quarter worth approximately $3,056,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of MDT opened at $80.70 on Tuesday. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The stock has a 50 day moving average of $84.84 and a 200 day moving average of $86.35. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $96.25. The company has a market capitalization of $103.51 billion, a price-to-earnings ratio of 24.53, a PEG ratio of 2.22 and a beta of 0.81.

Medtronic (NYSE:MDT) last released its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.04. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The business had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. During the same period last year, the business posted $1.46 earnings per share. The business’s revenue for the quarter was up 3.9% on a year-over-year basis. As a group, sell-side analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be given a $0.71 dividend. This is an increase from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a yield of 3.52%. The ex-dividend date is Friday, June 27th. Medtronic’s dividend payout ratio (DPR) is currently 78.45%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Mizuho lowered their price objective on Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a research note on Thursday, May 22nd. Truist Financial lowered their price objective on Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research note on Friday, April 11th. Royal Bank of Canada lowered their price objective on Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a research note on Thursday, May 22nd. UBS Group increased their price objective on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Finally, Robert W. Baird lowered their price objective on Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research note on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price 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.