Red Spruce Capital LLC Has $2.12 Million Stock Holdings in Medtronic plc (NYSE:MDT)

Red Spruce Capital LLC grew its holdings in Medtronic plc (NYSE:MDT) by 4.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,589 shares of the medical technology company’s stock after acquiring an additional 1,037 shares during the period. Red Spruce Capital LLC’s holdings in Medtronic were worth $2,120,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. MONECO Advisors LLC boosted its holdings in shares of Medtronic by 1.8% during the 4th quarter. MONECO Advisors LLC now owns 6,408 shares of the medical technology company’s stock worth $512,000 after buying an additional 115 shares during the period. OLD Second National Bank of Aurora lifted its position in Medtronic by 0.3% during the 4th quarter. OLD Second National Bank of Aurora now owns 36,303 shares of the medical technology company’s stock worth $2,900,000 after acquiring an additional 121 shares during the last quarter. Faithward Advisors LLC boosted its holdings in Medtronic by 2.7% during the fourth quarter. Faithward Advisors LLC now owns 5,043 shares of the medical technology company’s stock valued at $403,000 after acquiring an additional 134 shares during the period. Vestor Capital LLC lifted its position in shares of Medtronic by 0.3% during the 4th quarter. Vestor Capital LLC now owns 51,375 shares of the medical technology company’s stock worth $4,104,000 after purchasing an additional 138 shares during the last quarter. Finally, Retirement Planning Co of New England Inc. boosted its stake in Medtronic by 4.9% during 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 and hedge funds own 82.06% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on MDT shares. Wall Street Zen lowered Medtronic from a “buy” rating to a “hold” rating in a report on Saturday, May 24th. Truist Financial lowered their price objective on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research note on Friday, April 11th. Royal Bank of Canada dropped their target price on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. Mizuho reduced their price target on shares of Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a report on Thursday, May 22nd. Finally, Robert W. Baird decreased their price target on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a research report on Thursday, May 22nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and an average price target of $96.07.

Medtronic Trading Up 1.4%

Shares of MDT stock opened at $82.39 on Friday. The company has a market capitalization of $105.66 billion, a P/E ratio of 25.04, a P/E/G ratio of 2.22 and a beta of 0.81. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The firm has a 50-day moving average price of $84.30 and a 200 day moving average price of $86.24.

Medtronic (NYSE:MDT) last posted its earnings results 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. The company had revenue of $8.93 billion during the quarter, compared to analysts’ expectations of $8.81 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. Medtronic’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.46 earnings per share. Research analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be paid a $0.71 dividend. The ex-dividend date is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.45%. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s payout ratio is currently 78.45%.

Medtronic Profile

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.