Medtronic plc (NYSE:MDT) Shares Purchased by Hanson & Doremus Investment Management

Hanson & Doremus Investment Management boosted its holdings in Medtronic plc (NYSE:MDT) by 2.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 50,057 shares of the medical technology company’s stock after acquiring an additional 1,253 shares during the quarter. Medtronic accounts for 0.7% of Hanson & Doremus Investment Management’s portfolio, making the stock its 28th largest position. Hanson & Doremus Investment Management’s holdings in Medtronic were worth $4,498,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in MDT. Brighton Jones LLC boosted its stake in Medtronic by 1,368.0% during the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock valued at $3,194,000 after purchasing an additional 37,265 shares in the last quarter. Valeo Financial Advisors LLC boosted its stake in Medtronic by 3.1% during the 4th quarter. Valeo Financial Advisors LLC now owns 18,342 shares of the medical technology company’s stock valued at $1,465,000 after purchasing an additional 544 shares in the last quarter. TigerOak Management L.L.C. bought a new position in Medtronic during the 4th quarter valued at $361,000. Principal Securities Inc. boosted its stake in Medtronic by 24.5% during the 4th quarter. Principal Securities Inc. now owns 59,314 shares of the medical technology company’s stock valued at $4,738,000 after purchasing an additional 11,658 shares in the last quarter. Finally, Allworth Financial LP boosted its stake in Medtronic by 42.5% during the 4th quarter. Allworth Financial LP now owns 40,408 shares of the medical technology company’s stock valued at $3,549,000 after purchasing an additional 12,055 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of Medtronic stock opened at $87.19 on Monday. The stock has a market cap of $111.83 billion, a PE ratio of 26.50, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. The business has a fifty day simple moving average of $84.21 and a 200-day simple moving average of $86.26. The company has a quick ratio of 1.39, a current ratio of 1.90 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.

Medtronic (NYSE:MDT) last issued its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping 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 business had revenue of $8.93 billion during the quarter, compared to analysts’ expectations of $8.81 billion. During the same quarter last year, the firm posted $1.46 earnings per share. Medtronic’s revenue was up 3.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.26%. This is a positive change 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 (DPR) is currently 78.45%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on MDT. Truist Financial decreased their price target on Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research note on Friday, April 11th. Wall Street Zen cut Medtronic from a “buy” rating to a “hold” rating in a report on Saturday, May 24th. Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. Mizuho decreased their target price on Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a report on Thursday, May 22nd. Finally, Robert W. Baird decreased their target price on Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a report on Thursday, May 22nd. Nine equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus 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.