Cambridge Investment Research Advisors Inc. Acquires 24,777 Shares of Medtronic PLC (NYSE:MDT)

Cambridge Investment Research Advisors Inc. boosted its holdings in Medtronic PLC (NYSE:MDT) by 16.3% during the 1st quarter, HoldingsChannel.com reports. The fund owned 176,438 shares of the medical technology company’s stock after buying an additional 24,777 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Medtronic were worth $15,855,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MDT. Mainstream Capital Management LLC bought a new position in Medtronic during the 4th quarter valued at about $26,000. Burkett Financial Services LLC lifted its position in Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock valued at $26,000 after purchasing an additional 185 shares during the period. Rakuten Securities Inc. lifted its position in Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock valued at $27,000 after purchasing an additional 294 shares during the period. Wood Tarver Financial Group LLC bought a new position in Medtronic during the fourth quarter valued at approximately $27,000. Finally, Optiver Holding B.V. bought a new position in Medtronic during the fourth quarter valued at approximately $31,000. 82.06% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on MDT shares. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and increased their price target for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Robert W. Baird lowered 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. Mizuho lowered 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. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Friday, June 6th. 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. Eight equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $97.87.

Medtronic Price Performance

NYSE MDT opened at $86.02 on Tuesday. The stock has a market cap of $110.32 billion, a price-to-earnings ratio of 23.76, a PEG ratio of 2.33 and a beta of 0.79. Medtronic PLC has a 12 month low of $75.96 and a 12 month high of $96.25. The company’s 50 day moving average is $84.53 and its two-hundred day moving average is $86.30. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53.

Medtronic (NYSE:MDT) last announced its quarterly earnings data 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. The firm had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. During the same period last year, the firm earned $1.46 EPS. The company’s revenue was up 3.9% on a year-over-year basis. As a group, research analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 3.30%. This is an increase from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. Medtronic’s payout ratio is presently 77.35%.

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.