Aries Wealth Management Buys Shares of 3,317 Medtronic plc (NYSE:MDT)

Aries Wealth Management bought a new position in Medtronic plc (NYSE:MDT) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,317 shares of the medical technology company’s stock, valued at approximately $298,000.

Several other large investors also recently made changes to their positions in MDT. Mainstream Capital Management LLC bought a new position in Medtronic in the 4th quarter valued at about $26,000. Burkett Financial Services LLC lifted its stake in shares of Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock worth $26,000 after acquiring an additional 185 shares during the period. Rakuten Securities Inc. boosted its holdings in shares of Medtronic by 753.8% in the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock valued at $27,000 after acquiring an additional 294 shares in the last quarter. Wood Tarver Financial Group LLC acquired a new position in shares of Medtronic during the fourth quarter valued at approximately $27,000. Finally, Optiver Holding B.V. acquired a new position in shares of Medtronic during the fourth quarter valued at approximately $31,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Friday, June 6th. Royal Bank of Canada decreased their target price on Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a research note on Thursday, May 22nd. Robert W. Baird dropped 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. Wall Street Zen downgraded shares of Medtronic from a “buy” rating to a “hold” rating in a report on Saturday, May 24th. Finally, 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. Nine research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $97.00.

Medtronic Price Performance

MDT stock opened at $87.19 on Monday. Medtronic plc has a one year low of $75.96 and a one year high of $96.25. The firm has a 50-day moving average of $84.21 and a two-hundred day moving average of $86.26. The firm has a market capitalization of $111.83 billion, a PE ratio of 26.50, a P/E/G ratio of 2.22 and a beta of 0.79. 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 (NYSE:MDT) last issued its quarterly earnings results 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. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The business had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. During the same quarter in the prior year, the firm earned $1.46 EPS. The firm’s quarterly revenue was up 3.9% on a year-over-year basis. On average, analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

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