Zhang Financial LLC Acquires New Position in Medtronic plc (NYSE:MDT)

Zhang Financial LLC acquired a new stake in shares of Medtronic plc (NYSE:MDT) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 24,569 shares of the medical technology company’s stock, valued at approximately $2,208,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MDT. Mainstream Capital Management LLC bought a new stake in Medtronic during the 4th quarter valued at about $26,000. Burkett Financial Services LLC lifted its holdings in Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock valued at $26,000 after buying an additional 185 shares in the last quarter. Rakuten Securities Inc. lifted its holdings in Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock valued at $27,000 after buying an additional 294 shares in the last quarter. Wood Tarver Financial Group LLC bought a new stake in Medtronic during the 4th quarter valued at about $27,000. Finally, Optiver Holding B.V. bought a new stake in Medtronic during the 4th quarter valued at about $31,000. Institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on MDT shares. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Friday, June 6th. Truist Financial reduced their price target on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a report on Friday, April 11th. Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and boosted their price target for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Robert W. Baird reduced their price target on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a report on Thursday, May 22nd. Finally, Royal Bank of Canada reduced their price target on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a report on Thursday, May 22nd. Nine investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $97.00.

Medtronic Trading Up 0.1%

Shares of Medtronic stock opened at $88.01 on Thursday. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25. The firm has a market capitalization of $112.88 billion, a price-to-earnings ratio of 26.75, a PEG ratio of 2.22 and a beta of 0.79. The firm’s 50 day simple moving average is $83.99 and its two-hundred day simple moving average is $86.23.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating the consensus estimate of $1.58 by $0.04. The business had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The business’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.46 EPS. Analysts predict that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be issued a $0.71 dividend. This is an increase from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a dividend yield of 3.23%. The ex-dividend date of this dividend is Friday, June 27th. Medtronic’s dividend payout ratio is 78.45%.

Medtronic Company 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.