Relyea Zuckerberg Hanson LLC Acquires 890 Shares of Medtronic plc (NYSE:MDT)

Relyea Zuckerberg Hanson LLC increased its holdings in shares of Medtronic plc (NYSE:MDT) by 28.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 4,014 shares of the medical technology company’s stock after acquiring an additional 890 shares during the period. Relyea Zuckerberg Hanson LLC’s holdings in Medtronic were worth $361,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. MONECO Advisors LLC lifted its stake 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 acquiring an additional 115 shares during the last quarter. Faithward Advisors LLC raised its position in Medtronic by 2.7% during the 4th quarter. Faithward Advisors LLC now owns 5,043 shares of the medical technology company’s stock valued at $403,000 after purchasing an additional 134 shares in the last quarter. Vestor Capital LLC raised its position in Medtronic by 0.3% during the 4th quarter. Vestor Capital LLC now owns 51,375 shares of the medical technology company’s stock valued at $4,104,000 after purchasing an additional 138 shares in the last quarter. L. Roy Papp & Associates LLP raised its position in Medtronic by 2.8% during the 1st quarter. L. Roy Papp & Associates LLP now owns 5,099 shares of the medical technology company’s stock valued at $458,000 after purchasing an additional 138 shares in the last quarter. Finally, Retirement Planning Co of New England Inc. raised its position 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 in the last quarter. 82.06% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Robert W. Baird decreased their target price on Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research report on Thursday, May 22nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Friday, June 6th. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and lifted their target price for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. UBS Group lifted their target price on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Finally, Royal Bank of Canada reduced their price target on Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a research report on Thursday, May 22nd. Nine analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $97.00.

Medtronic Trading Down 1.5%

Shares of NYSE:MDT opened at $87.19 on Friday. The business’s 50-day moving average is $84.21 and its 200 day moving average is $86.26. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $96.25. The firm has a market capitalization of $111.83 billion, a P/E ratio of 26.50, a P/E/G ratio of 2.22 and a beta of 0.79. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39.

Medtronic (NYSE:MDT) last announced its 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. 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 prior year, the company posted $1.46 EPS. The firm’s quarterly revenue was up 3.9% compared to the same quarter last year. On average, research analysts predict that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced 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. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a yield of 3.26%. The ex-dividend date is Friday, June 27th. Medtronic’s dividend payout ratio is currently 78.45%.

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.