Buck Wealth Strategies LLC Acquires New Shares in Medtronic PLC (NYSE:MDT)

Buck Wealth Strategies LLC acquired a new stake in Medtronic PLC (NYSE:MDT) in the first quarter, HoldingsChannel.com reports. The institutional investor acquired 10,650 shares of the medical technology company’s stock, valued at approximately $957,000.

A number of other large investors have also made changes to their positions in the company. Matrix Asset Advisors Inc. NY increased its position in shares of Medtronic by 11.8% in the 1st quarter. Matrix Asset Advisors Inc. NY now owns 362,252 shares of the medical technology company’s stock valued at $32,552,000 after buying an additional 38,297 shares in the last quarter. Sivik Global Healthcare LLC acquired a new position in Medtronic in the 1st quarter worth $6,740,000. Nilsine Partners LLC boosted its stake in Medtronic by 6.4% in the 1st quarter. Nilsine Partners LLC now owns 3,203 shares of the medical technology company’s stock worth $288,000 after purchasing an additional 194 shares during the period. Appleton Partners Inc. MA boosted its stake in Medtronic by 4.8% in the 1st quarter. Appleton Partners Inc. MA now owns 34,894 shares of the medical technology company’s stock worth $3,136,000 after purchasing an additional 1,590 shares during the period. Finally, Worth Financial Advisory Group LLC boosted its stake in Medtronic by 141.3% in the 1st quarter. Worth Financial Advisory Group LLC now owns 7,721 shares of the medical technology company’s stock worth $694,000 after purchasing an additional 4,521 shares during the period. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Up 0.7%

Shares of MDT stock opened at $86.30 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The firm’s 50-day moving average is $84.49 and its 200-day moving average is $86.27. The stock has a market cap of $110.68 billion, a price-to-earnings ratio of 23.84, a PEG ratio of 2.33 and a beta of 0.79. Medtronic PLC has a 52-week low of $75.96 and a 52-week high of $96.25.

Medtronic (NYSE:MDT) last issued its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.04. The company had revenue of $8.93 billion for the quarter, compared to analysts’ expectations of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. Medtronic’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.46 EPS. Sell-side analysts predict that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The company 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. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.29%. This is a boost 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 is presently 77.35%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Mizuho reduced their target price on shares of Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a research note on Thursday, May 22nd. Royal Bank Of Canada reduced their target price on shares of 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 reduced their target price on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research note on Thursday, May 22nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Friday, June 6th. Finally, Truist Financial reduced their target price 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. Eight research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $97.87.

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.