Mechanics Financial Corp reduced its holdings in shares of Medtronic PLC (NYSE:MDT – Free Report) by 4.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,846 shares of the medical technology company’s stock after selling 200 shares during the period. Mechanics Financial Corp’s holdings in Medtronic were worth $435,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also bought and sold shares of the business. Cullen Frost Bankers Inc. grew its position in Medtronic by 2.4% during the first quarter. Cullen Frost Bankers Inc. now owns 284,261 shares of the medical technology company’s stock valued at $25,544,000 after acquiring an additional 6,604 shares during the last quarter. Parcion Private Wealth LLC raised its holdings in Medtronic by 5.2% during the 1st quarter. Parcion Private Wealth LLC now owns 106,084 shares of the medical technology company’s stock valued at $9,533,000 after buying an additional 5,212 shares during the last quarter. Bridgewater Advisors Inc. bought a new stake in Medtronic during the 1st quarter valued at $228,000. Kornitzer Capital Management Inc. KS raised its holdings in Medtronic by 2.3% during the 1st quarter. Kornitzer Capital Management Inc. KS now owns 127,720 shares of the medical technology company’s stock valued at $11,477,000 after buying an additional 2,834 shares during the last quarter. Finally, Larson Financial Group LLC raised its holdings in Medtronic by 16.7% during the 1st quarter. Larson Financial Group LLC now owns 34,582 shares of the medical technology company’s stock valued at $3,108,000 after buying an additional 4,947 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
A number of equities research analysts recently commented on MDT shares. Wall Street Zen upgraded shares of Medtronic from a “hold” rating to a “buy” rating in a report on Saturday, June 21st. Truist Financial lowered their price target on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a report on Friday, April 11th. Robert W. Baird lowered their price target on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a report on Thursday, May 22nd. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Friday, June 6th. Finally, BTIG Research reissued a “neutral” rating on shares of Medtronic in a research report on Friday. Eleven research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Medtronic presently has a consensus rating of “Moderate Buy” and a consensus price target of $98.19.
Medtronic Stock Down 0.5%
NYSE:MDT opened at $89.26 on Wednesday. The firm’s 50-day moving average price is $86.03 and its 200-day moving average price is $86.97. The company has a market capitalization of $114.47 billion, a PE ratio of 24.66, a P/E/G ratio of 2.33 and a beta of 0.80. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. Medtronic PLC has a 1-year low of $76.68 and a 1-year high of $96.25.
Medtronic (NYSE:MDT – Get Free Report) last released its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping analysts’ consensus estimates 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%. The company’s 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. On average, equities analysts predict that Medtronic PLC will post 5.46 EPS for the current fiscal year.
Medtronic Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were paid a $0.71 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.18%. Medtronic’s 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.
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