PDS Planning Inc Purchases New Stake in Medtronic PLC (NYSE:MDT)

PDS Planning Inc bought a new position in shares of Medtronic PLC (NYSE:MDT) during the first quarter, Holdings Channel reports. The fund bought 3,277 shares of the medical technology company’s stock, valued at approximately $294,000.

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

Medtronic Stock Performance

Shares of MDT opened at $86.19 on Friday. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Medtronic PLC has a 52-week low of $75.96 and a 52-week high of $96.25. The company has a 50-day simple moving average of $84.82 and a 200-day simple moving average of $86.33. The company has a market capitalization of $110.54 billion, a PE ratio of 23.81, a P/E/G ratio of 2.33 and a beta of 0.79.

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 during 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%. The firm’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same period last year, the company posted $1.46 earnings per share. Equities research analysts predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be issued a $0.71 dividend. 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. This represents a $2.84 annualized dividend and a yield of 3.29%. Medtronic’s dividend payout ratio is 77.35%.

Wall Street Analyst Weigh In

MDT has been the topic of several analyst reports. Truist Financial reduced their price objective on Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research note on Friday, April 11th. Wall Street Zen upgraded shares of Medtronic from a “hold” rating to a “buy” rating in a research note on Saturday, June 21st. Leerink Partners initiated coverage on shares of Medtronic in a research note on Monday, June 16th. They issued an “outperform” rating and a $110.00 price target for the company. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Friday, June 6th. Finally, Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and raised their price objective for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Eight analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Medtronic has a consensus rating of “Moderate Buy” and an average 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.