Regatta Capital Group LLC Has $1.93 Million Stock Position in Medtronic plc (NYSE:MDT)

Regatta Capital Group LLC raised its position in Medtronic plc (NYSE:MDT) by 2.1% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 21,512 shares of the medical technology company’s stock after purchasing an additional 448 shares during the period. Regatta Capital Group LLC’s holdings in Medtronic were worth $1,933,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MDT. Pallas Capital Advisors LLC grew its stake in Medtronic by 107.4% in the first quarter. Pallas Capital Advisors LLC now owns 20,653 shares of the medical technology company’s stock valued at $1,856,000 after purchasing an additional 10,696 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in shares of Medtronic by 6.1% during the 1st quarter. Farther Finance Advisors LLC now owns 61,052 shares of the medical technology company’s stock worth $5,402,000 after buying an additional 3,530 shares during the last quarter. City Holding Co. grew its stake in Medtronic by 2.1% in the 1st quarter. City Holding Co. now owns 11,107 shares of the medical technology company’s stock valued at $998,000 after buying an additional 226 shares during the last quarter. Millington Financial Advisors LLC raised its holdings in Medtronic by 6.7% in the 1st quarter. Millington Financial Advisors LLC now owns 22,903 shares of the medical technology company’s stock valued at $1,899,000 after acquiring an additional 1,447 shares during the period. Finally, Daymark Wealth Partners LLC lifted its position in Medtronic by 7.5% during the first quarter. Daymark Wealth Partners LLC now owns 46,258 shares of the medical technology company’s stock worth $4,157,000 after acquiring an additional 3,221 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

Medtronic Trading Up 0.4%

Shares of MDT opened at $87.38 on Monday. 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 firm has a market cap of $112.07 billion, a price-to-earnings ratio of 26.56, a PEG ratio of 2.22 and a beta of 0.79. The business’s fifty day moving average is $83.92 and its 200-day moving average is $86.19.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.04. The company had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The firm’s revenue was up 3.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.46 EPS. Equities analysts anticipate that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.25%. This is a boost from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, June 27th. Medtronic’s dividend payout ratio is presently 78.45%.

Wall Street Analysts Forecast Growth

MDT has been the topic of a number of recent research reports. Mizuho lowered their target price on Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a research note on Thursday, May 22nd. Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Royal Bank of Canada reduced their target price 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. Wall Street Zen downgraded shares of Medtronic from a “buy” rating to a “hold” rating in a research note on Saturday, May 24th. Finally, UBS Group lifted their price objective on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note 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 stock. Based on data from MarketBeat.com, Medtronic has an average rating of “Moderate Buy” and an average target price of $97.00.

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.