Salem Investment Counselors Inc. Has $138,000 Stock Holdings in Medtronic plc (NYSE:MDT)

Salem Investment Counselors Inc. increased its holdings in shares of Medtronic plc (NYSE:MDT) by 38.3% during the 1st quarter, Holdings Channel reports. The institutional investor owned 1,525 shares of the medical technology company’s stock after acquiring an additional 422 shares during the quarter. Salem Investment Counselors Inc.’s holdings in Medtronic were worth $138,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new position in Medtronic during the 4th quarter worth approximately $1,163,580,000. Raymond James Financial Inc. bought a new position in Medtronic during the 4th quarter worth approximately $852,732,000. Beutel Goodman & Co Ltd. bought a new position in Medtronic during the 4th quarter worth approximately $377,169,000. Invesco Ltd. raised its holdings in Medtronic by 17.8% during the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock worth $1,233,769,000 after purchasing an additional 2,333,600 shares during the last quarter. Finally, Burgundy Asset Management Ltd. bought a new position in Medtronic during the 4th quarter worth approximately $174,329,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Price Performance

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

Medtronic (NYSE:MDT) last issued its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $8.81 billion. During the same quarter in the prior year, the firm posted $1.46 EPS. The firm’s quarterly revenue was up 3.9% on a year-over-year basis. On average, equities research analysts forecast that Medtronic plc will post 5.46 earnings per share for the current 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 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 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date of this dividend is Friday, June 27th. Medtronic’s payout ratio is 78.45%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on MDT shares. Royal Bank of Canada lowered 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. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Friday, June 6th. Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and raised their price target for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. Truist Financial lowered their price objective on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research note on Friday, April 11th. Finally, Wall Street Zen lowered shares of Medtronic from a “buy” rating to a “hold” rating in a research note on Saturday, May 24th. Nine research 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’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $97.00.

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.